Only 11 entities out of the 98 State Owned Enterprises and Joint Venture Companies contributed to the dividend receipts of the state, according to the 2019 State Ownership Report.

They are made up of two SOEs and nine JVCs including one mining company.

The JVCs made the biggest contribution of 83.01% to the dividend receipts in 2019. SOEs and mining companies contributed 16.91% and 0.08% respectively.

Whilst SOES paid ¢10.4 million dividend to government, JVCs paid ¢51.05 million. Mining companies that is AngloGold Ashanti paid ¢50,600.

GCNET, a joint venture company paid the biggest dividend of ¢20 million. It was followed by GCB Bank and Ghana Reinsurance Company –a state owned company- which paid dividends of ¢16.9 million and ¢7.3 million respectively. 

GOIL, African Reinsurance and TDC all paid dividends of ¢5.1m, ¢1.29 million and ¢1.4 million respectively.

According to the report, an amount of ¢85.07 million was projected as dividend/surplus receipts from specified entities in 2019.

However, total amount of dividend received was ¢61.50 million, representing a performance of 72.30%. The below par performance was mainly on account of a substantial decrease in dividend received from mining companies.

The dividend contribution of mining companies decreased significantly (99.95%) from ¢112.07 million in 2018 to ¢0.051 million in 2019, due to declining profitability.

Additionally, dividend receipts from SOEs decreased by 20% from ¢13 million in 2018 to ¢10.40 million in 2019.

On a positive note, dividend receipts from JVCs excluding mining companies increased significantly (174.76%) from ¢18.58 million in 2018 to ¢51.05 million in 2019.