Government received ¢275.14 million as dividend from State Owned Enterprises (SOEs) in 2020, the 2020 State Ownership Report has revealed.

This represents a shortfall of ¢15.46 million cedis, compared to the target, but far higher than the dividend paid in 2019.

Dividends paid in 2020 represented an increase of 164.96 percent, about ¢171.51 million, over that of 2019.

The improved dividend payment was mainly on account of an increase in the contribution of the Minority Interests portfolio, particularly the mining sector, which paid ¢224.77 million as dividends to government in 2020. This is compared to ¢38.48 million cedis in 2019.

The major contributors to the dividend receipts from the mining sector were Newmont Ghana Gold, Kinross Chirano Mining and Goldfields Ghana Limited (Tarkwa).

In addition, GHACEM increased its contribution from ¢7.30 million in 2019 to ¢27.66 million in 2020. Approximately 92.61% of dividends receipts for 2020 were from the minority interests.

Ghana Reinsurance Limited was the only State Owned Enterprises that paid dividend to government.

For the JVCs, GCB Bank and Ghana Women’s Fund Company Limited paid dividend to government.

Further analysis indicates that State Owned Enterprises and Joint Venture Companies recorded 37.5% and 73.18% decline in dividend payments.