DIC fails to recover over $21m on sale of state enterprises

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• C.STEPHEN SACKEY 10 years ago

  Let me get this straight.
  From 2009- 2013, this NDC- diverstiture agency sold Ghana's factories to their crony capitalists and they haven't even bothered to pay for them.
  Question is, who is running the shop for poor Ghana? ...
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  Let me get this straight.
  From 2009- 2013, this NDC- diverstiture agency sold Ghana's factories to their crony capitalists and they haven't even bothered to pay for them.
  Question is, who is running the shop for poor Ghana?
  
  I suggest strongly that if the monies are not paid,say, within a month, the Government should keep the monies it has received as a break-up fee and foreclose on those properties.
  
  Folks a country can't be run like this and expect it to make any headwind in the global economic market place.
  
  Something got to give, but I hope this is not for real!

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• SBD 10 years ago

  The government should takeover those companies and the entities that bought these state-owned companies should forfeit their deposits. How can the government sit and let this nonsense go on? I am very sure these entities were ...
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  The government should takeover those companies and the entities that bought these state-owned companies should forfeit their deposits. How can the government sit and let this nonsense go on? I am very sure these entities were sold their cronies.

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• SBD 10 years ago

  By my calculations these guys owe the state about USD51.8 mil punishing them with an annual interest rate of 15% over the five year period between 2009-2014:
  Tema Printing Press $1.9mn => $3.82mn
  GCDC $13.8mn => $27.76mn
  S ...
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  By my calculations these guys owe the state about USD51.8 mil punishing them with an annual interest rate of 15% over the five year period between 2009-2014:
  Tema Printing Press $1.9mn => $3.82mn
  GCDC $13.8mn => $27.76mn
  Subri Ind Plant. $5mn => $10.06mn
  GIHOC $0.63mn => $1.27mn
  GAMA Film $4.4mn => $8.85mn
  They must be made to fork out this amount or forfeit their investments and companies. Nobody should take Ghana for a ride.

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• G. K. Berko 10 years ago

  Only a couple of days ago, in my comment to an Article entitled 'GIPC Entrepreneurial Seminar Slated for K'si' (February 4, 2015), that appeared on Ghanaweb.com, I asked a few questions on what had become of our Divestiture p ...
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  Only a couple of days ago, in my comment to an Article entitled 'GIPC Entrepreneurial Seminar Slated for K'si' (February 4, 2015), that appeared on Ghanaweb.com, I asked a few questions on what had become of our Divestiture program, and added a couple of suggestions that I wish the Authorities would adopt to help Ghanaians fully own and successfully operate divested Companies. So, it is interesting that this story just broke.
  
  This story raises a few more crucial questions on the Divestiture program including the following:
  
  1). How fair have State Firms been divested up to now?
  2). What conditions are attached to divested Companies to ensure the Nation continues to benefit, beyond taxes, from their privatization through the life of the Companies' continued existence?
  3). Does the Government show any interest at all in seeing those divested Companies succeed in private hands?
  4). Does the Government seriously monitor the performance of divested Companies to assess their performance and care to provide any assistance to them in certain difficulties to ensure their continued success?
  
  We must be very worried that all the above-named indebtedness in the Article rose with the advent of the NDC Administration, in 2009. Seeing how much deeper Corruption has worsened in the Nation, in almost all Government sectors, for the same period, Ghanaians must be very worried that the proceeds from the Divestiture program might have fallen into the decrepit morass of Corruption as well.
  
  Meanwhile, do we know of any other firms divested before 2009 that have not still finished paying for their purchase?
  
  It is most sad that the performance of most of the divested Companies, since the program began, has not met expectations and many are even reported to have closed for good. That spells a massive retrogression for our efforts to become more self-reliant, and less dependent on foreign imported goods.
  
  As much as we must acknowledge that our local native Entrepreneurs might not have enough requisite experience to run large Manufacturing firms, we should also acknowledge that some foreigner-acquired divested firms may be running at an artificially low levels that do not allow the Country fulfill the same self-reliant aspiration.
  
  It is therefore most important that the Citizens pay more attention to these Companies and how the Government has been dealing with them, long after they have been divested.
  
  It is not just the revenue from divesting these Companies that matter. Such amounts often do not break even on the cost of their building, let alone offer any significant returns that compares significantly to the overall economic benefits for which the Companies were initially built by the Government.
  
  Apart from their basic economic profitability, these former State firms were built to offset foreign importation of the products manufactured by them, and also provide, among other social benefits, employment to Citizens.
  
  If we simply allow these Companies to fail, we lose more than just the revenue from their usual transactions or trading. We remain further behind in getting those social benefits, and protract our dependency on foreign sources for the products involved in these Firms.
  
  So, the Government must fully investigate why the Companies cited in this Article have failed to pay up the full cost of their acquisition. It may be due to genuine circumstances, like excessive competition on the Market for their goods that prevent them from making significant profits like originally anticipated. These Companies might face problems with running Capital, or some other difficulties that the Government could help to alleviate.
  
  If on the other hand, the Companies are making good enough profits but simply refuse to pay for what they owe the State, then they should be immediately legally forced to pay up. It could as well be that they might have paid to some unknown Account that some Government Officials are fatly skimming for personal enrichment. In Ghana, almost everything is vulnerable to Corruption.
  
  The People must use this occasion of the 48th commemoration of our Independence, to, more seriously than ever before, take our Government, comprising the Executive, the Parliament and the Judiciary to task on the case of the Divestiture Progam and its attended problem, and many more others that could be causing massive leakage in our Economy, leaving us perpetually undeveloped for so long after our Independence.
  
  Long Live Ghana!!!

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• JAMES Y 10 years ago

  There must be an ultimatum for the payment of the remaining amount, failure of which should result in outright confiscation of the assets by the state.

  There must be an ultimatum for the payment of the remaining amount, failure of which should result in outright confiscation of the assets by the state.

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• Paa Joe 10 years ago

  ONLY GHANA CAN ALLOW STATE RESOURCES MANIPULATED BY ITS STATE OFFICIALS TO GO ON CHECKED IN THE COUNTRY.
  
  HOW ON EARTH SHOULD THESE CRIMINALS,THIEVES,ROGUES AND CROOKS STILL BE KEPT ON THEIR VARIOUS SEATS.
  
  THESE ARE THE ...
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  ONLY GHANA CAN ALLOW STATE RESOURCES MANIPULATED BY ITS STATE OFFICIALS TO GO ON CHECKED IN THE COUNTRY.
  
  HOW ON EARTH SHOULD THESE CRIMINALS,THIEVES,ROGUES AND CROOKS STILL BE KEPT ON THEIR VARIOUS SEATS.
  
  THESE ARE THE MANY CAUSES WHY, THE GOVERNMEMT SHOIULD CONTINUE TO RUN AFTER IMF AND WORLD BANK TO BEG FOR BAILOUT.
  
  ARE WE AT ALL BUILDING A SOUND FUTURE FOR THE PRESENT AND THE NEXT GENERATIONS.
  
  OUR ONLY ABILITIES, CHEATING, STEALING AMD MANIPULATION FOR EASY LIVING.

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