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Business News Fri, 5 Jun 2020

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Gov’t received GH¢139m as dividends in 2018 - Report

The government of Ghana received an amount of GH¢139.18 million as dividends in 2018 from institutions it has a stake in.

This is, however, against a projected amount of GH¢275.50 million.

According to the 2018 State ownership Report, the significant adverse variance of 49.48% was due to the non-payment of dividend by the Bank of Ghana, which was projected to pay an amount of GH¢200 million.

State-Owned Enterprises contributed a total amount of GH¢8.52 million representing 6% of the total dividend received.

The Ghana Ports and Harbours Authority (GPHA) and Ghana Reinsurance Limited paid a dividend of GHS3 million and GH¢5.5 million, respectively to the government.

Joint Venture Companies (JVCs) and mining companies contributed GH¢18.58 million (13%) and GH¢112.07 million (81%), respectively.

For JVCs, GCNET and GCB paid GHS8 million and GH¢5.6 million, respectively to government.

For mining companies, Chirano paid GH¢61.8 million to government, whilst Goldfields Tarkwa mines paid GH¢43 million.

According to the report, there was low compliance by entities to reporting and disclosure provisions in legislative and regulatory requirements governing their operations including Companies Act, 2019 (Act 992), Public Financial Management Act, 2016 (Act 921) and its associated Regulations (L.I. 2378).

Source: Class FM

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