Ken Ofori-Atta

Gov’t received GHS139m dividend in 2018

The government of Ghana received an amount of GHS139.18 million as dividends in 2018 from institutions it has a stake in.

This is, however, against a projected amount of GHS275.50 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 GHS200 million.

State-Owned Enterprises contributed a total amount of GHS8.52 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 GHS5.5 million, respectively to the government.

Joint Venture Companies (JVCs) and mining companies contributed GHS18.58 million (13%) and GHS112.07 million (81%), respectively.

For JVCs, GCNET and GCB paid GHS8 million and GHS5.6, respectively to government.

For mining companies, Chirano paid GHS61.8 million to government, whilst Goldfields Tarkwa mines paid GHS43 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