GCNET Pays GH¢25 Million Dividends To Gov’t

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The Ghana Community Network Services Limited (GCNET), has presented a total of 25 million cedis in dividends for 2015, to the government of Ghana for its share in the company.

The payment was concluded, when the company presented a 10 million cedis interim dividend cheque to the Ministry of Finance last Friday.

Deputy Finance Minister, Mona Quartey, who received the cheque on behalf of government, expressed optimism at the fortunes of businesses for the rest of 2016 and 2017, despite acknowledging the challenges facing the economy.

Present was the Commissioner General of Ghana Revenue Authority (GRA), George Blankson, and officials of the Customs Excise and Preventive Service (CEPS).

According to her, government’s policies targeted at macro-economic stability have largely been satisfactory which should reflect in the profit margins of businesses and dividends to be paid to investors.

“We expect that business will pick up significantly for the rest of 2016 and 2017 because our macroeconomic stabilization efforts have been successful and broadly satisfactory and therefore we are expecting growth in all sectors of the economy therefore we expect to see more in terms of dividends to investors. We also expect to see an increase in our revenue collection performance.”

Mrs. Quartey, was also hopeful that some State Owned Enterprises (SoEs) which have been unable to declare dividends to their respective shareholders including the government, would be able to do so following a stability in the economic fundamentals.

The Executive Chairman of GCNET, Dr. Nortey Omaboe commended the government for its collaboration in tax collection over the years.

He also attributed the performance of the company to the huge investments made as part of efforts to enhance the various systems it has deployed.
Dr. Nortey Omaboe however assured of his outfit’s commitment in improving the public private partnership in revenue mobilization.

“We are committed to the government’s primary objective of revenue mobilization and as a private partner, to fulfilling our dividend obligations to the government. We look forward to enhancing and deepening our collaboration with the government as far as the single window is concerned.

This is one that has been in existence for several years and we are fully committed to ensure the full potential is realized to the benefits of the country,” he stated. Meanwhile the GCNET has equally paid 5 million cedis and 2.5 million cedis to Ghana Shippers’ Authority and the GCB Bank
respectively.

GCNET pays 51 million cedis in taxes for 2015 The Executive Chairman has also revealed that the company paid a total of 50.983 million cedis in taxes for 2015.

The amount comprised 24.5 million cedis, 5.4 million cedis and 21 million cedis as Income Tax, withholding tax and VAT respectively. For the first six months of 2016, GCNET has paid a total of 21.7 million cedis comprising Income tax, VAT and withholding taxes.

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