Ghacem pays 8m dividend to government

Mr. Morten Gade (right), supported by Rev. Dr. George Dawson-Ahmoah (middle) handing over a dummy cheque to Mr. Kwaku Kwarteng

Mr. Morten Gade (right), supported by Rev. Dr. George Dawson-Ahmoah (middle) handing over a dummy
cheque to Mr. Kwaku Kwarteng

Ghacem Limited has presented a cheque for GH¢3.5million to government representing a final dividend payment on its 2016 accounts

The company had earlier presented GH¢4.5million as interim dividend bringing to a total of GH¢8 million as final dividend payment by Ghacem for the 2016 financial year. The dividend represents government’s 400,000 shares held in the company.

Mr. Morten Gade, the Managing Director of Ghacem accompanied by the Strategy and Corporate Affairs Director, Rev. Dr. George Dawson-Ahmoah, presented the cheque at a short ceremony at the Finance Ministry.

Making the presentation, Mr. Morten Gade reiterated that the goal of the company was to be more efficient in operation to contribute well to the state adding that the company paid 250 million in taxes and duties to the government last year, an attestation of the company’s loyalty.

He commended the government for targeting the private and the manufacturing sector as the engine of growth stating that Ghacem aside its financial obligation such as taxes and duties also employs over 850 Ghanaians in addition to the local suppliers which has a multiple effect on the economy.

“This is what governments can benefit from manufacturing companies and not companies that imports finished products and so we are happy to hear government’s aim of assisting the private and manufacturing sector to rise up to the occasion because with such commitments you can be ensured we can improve our results with the improvement in dividend payment,” he said.

Mr. Kwaku Kwarteng, Deputy Minister of Finance who received the cheque on behalf of the government admitted that dividend payment assisted government in infrastructural development as it adds to revenue generation as such.

He said the government has an economic management strategy that places more emphasis on private sector led growth.

This according to the Deputy Finance Minister is key for job creation and revenue generation through taxes.

On his part, Rev. Dr. George Dawson-Ahmoah appealed to the government to as a matter of urgency inaugurate the Ghana International Trade Commission (GITC) expressing optimism that its implementation would check unfair trade practices in the local manufacturing industry.

Dr. Dawson-Ahmoah also seized the occasion to bring to the notice of government the current FOB value on the importation of clinker.

He complained that although FOB value on international market stands at $34 per tonne the valuation by Customs Division of the Ghana Revenue Authority is $44 per tonne with a difference of $10.

This he said had increased the company’s cost of production disclosing that the company was in talks with Customs to address the issue.

By Times Reporter

 

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