SSNIT Receives Dividend From Two Subsidiaries

By Jonathan Donkor

The Social Security and National Insurance Trust (SSNIT) on Tuesday received about Gh?1. 11 million from two of its subsidiaries as shareholder advance and dividend for 2017.

Ghana Agro Foods Company Limited (GAFCO), an agro food industry, paid a shareholder advance of Gh?400, 000 while Gulf Consolidated Limited (GCL), an estate development company, paid Gh?712, 509.84 as dividend.

Professor Joe Tuffour and Mr Kwabena Yeboah, the board chairpersons of GAFCO and Gulf respectively, presented cheques for the amounts separately to the Director-General of SSNIT, Dr John Ofori-Tenkorang.

This is the first time GAFCO has paid shareholder advance to the Trust since the Trust bought equity stake in the company in 2005 but GCL has been presenting dividends to the Trust for the past 13 years.

According to Prof Tuffour, GAF had for the last 15 months been restructuring and repositioning to speed up its development alongside the government's Planting for Food and Jobs programme.

He was optimistic that the company, with its current leadership and stakeholders including the SSNIT, would be more productive and relevant in the agro industry and called for continued support.

On his part, Mr Yeboah said GCL had since had, by dint of hard work, increased its dividend from Gh?172, 000 in 2001 to more than 700,000 in 2017, giving indication of higher figures for 2018.

He said the company had planned to develop three major properties including multi-storey car park, two-block apartment and 10 storey office building, to meet housing needs as well as boost its income.

He advocated a strong collaboration with SSNIT and others to achieve this.

Dr Ofori-Tenkorang said the payment of shareholder advance and dividend were as a result of robust measures instituted by the current leadership of the Trust, including appointment of experts to various positions.

"We are committed to restructuring the investment and investing in low risk but high yielding investment portfolios. Based on sound policies adopted, we are confident that more investee companies will be posting some every good return," he said.

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