Government receives little dividend

Accra, May 29, GNA - Government has so far received only 32.1 billion cedis at the end of April this year, as against 169.3 billion projected in the 2006 Budget to be received as dividend from State Owned Enterprises (SOEs) and Joint Venture Companies (JVCs). Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning disclosed this in Accra when he received a cheque for 10 billion cedis from the management of State Insurance Company (SIC) as the government's dividend for the 2005 fiscal year. The dividend represented an increase of 150 per cent of the four billion cedis presented by the company last year. Mr Baah-Wiredu appealed to SOEs/JVCs who had not yet paid their dividend to do so, and to Ministries, Departments and Agencies (MDAs) who received monies on behalf of Government to ensure that those funds were promptly lodged into the Consolidated Fund. He said mobilizing more resources had become more urgent given the unstable situation in the Middle East resulting in high oil prices, agitation by workers for improved salaries, and the need to reduce poverty and improve infrastructure. Mr Baah-Wiredu pledged Government's continuous support to provide a stable macro environment to make the insurance industry more profitable. Professor Isaac Mensah Ofori, Board Chairman of SIC who presented the cheque, said the increase in this year's dividend came from the prudent management, fiscal discipline and strategic redirection exhibited by both the board and management. 29 May 06