Ghana's Trading Hub News

GCNet pays GH¢17m as dividend to govt

Trade facilitation and revenue mobilization company, GCNet has presented 17 million Ghana cedis to the Ministry of Finance as dividend for its operations in 2016.

The company earlier paid 10 million cedis to government in 2016 as the first installment.

Speaking to Citi Business News after presenting the cheque, the Executive Chairman of GCNet, Dr. Nortey Omaboe stated that the company will work to improve revenue for the nation this year.

He explained that government was entitled to the dividend due to it shares in the company.

“The Government of Ghana owns 20% of the equity of the company, so every year by the end of the financial year, Directors meet and declare a dividend and this year we paid a dividend of 17 million Ghana cedis and this in addition to 10 million Ghana cedis that was paid earlier in 2016”, he said adding that the “ total amount is 27 million Ghana cedis”.

He added that even though other state agencies have shares in GCNET this payment was directly to government due to its shares.

“This is to the government of Ghana directly. In addition to that we have the Ghana Shippers Authority, also a government agency that also holds 10% of the company’s equity as does GCB bank although GCB is government but also a listed bank,” he stressed..

Receiving the cheque, Finance Minister, Mr. Ken Ofori- Atta charged GCNet to consolidate its activities with West Blue Consulting to improve revenue for the country.

He stated that government intends to improve revenue generation from the ports.

Source:https://citifmonline.com/2017/04/08/gcnet-pays-gh%C2%A217m-as-dividend-to-govt/

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