GRi
Business, Economics & Finance 04 07 - 2003
This is an
increase of 67 per cent over that of 2001 when the company presented ’300m as
dividend to government, its sole shareholder. Asare-Boakye
Yiadom, Chairman of the Board's Sub-Committee on
Finance and Audit, who presented the dividend to the Minister of Mines, said
the company, for 2002, achieved a turnover of ’271.8bn, showing a growth of 17
per cent over the previous year's turnover of ’233.1bn.
Flanked by
Peter Boachie, Managing Director and George Asante, Deputy Managing Director of Operations, among other
top members, Yiadom said the company earned a profit
before tax of ’3.74bn, an increase of 66 per cent over the previous year's
figure of ’2.25bn.
"The
company recorded almost 100 per cent (99.25 per cent) growth in its net profit.
The net profit increased from ’1.35bn in the previous year to ’2.69bn for the
year 2002."
Yiadom said the PMMC brought a total of $33.9m into the
country from its export of precious minerals and jewellery for 2002 as against
$31.7m generated the previous year. He said the company had honoured all its
tax liabilities up to the end of 2002 as an additional contribution to
government revenue.
The total paid
for the year 2002 operations was ’1.1bn as against ’890.7m paid for 2001.
Mrs Cecilia
Bannerman, Minister of Mines, said the performance contract signed recently by
the Company indicated that it was expected to earn total revenue of ’298.2bn by
the end 2003 and pay a dividend of ’600m. She said the PMMC had over the years
exhibited an annual commitment in the payment of dividends to government and
expressed the Ministry's delight to receive the dividend.
Mrs Bannerman
said the PMMC should endeavour to evolve an aggressive marketing strategy to
capture a greater share of the jewellery market in the ECOWAS Sub-Region and
the world at large for increased foreign exchange.
She said there
was a big interest in the jewellery products of the Company in
"I,
therefore, urge you to come out with customer-made products to meet the demands
of your clients in their respective countries." Mrs Bannerman advised the
Board to arrange to set aside a quantum of their profit to support the campaign
against the spread of HIV/AIDS in their areas of operation.
She urged them
to co-operate with the Minerals Commission, Mines Department and Environmental
Protection Agency (EPA) in their efforts to ensure that sound environmental
practices in the mining industry were observed.
GRi
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Kumasi (Ashanti Region) 4 July 2003 - The Ghana Water
Company Limited (GWCL) has launched a special operation to clear off the cash
flow deficit of six billion cedis each month, which
had plaqued the company since the beginning of the
year.
Code named
"operation clear the deficit", the exercise which begins in July this
year, aimed at reducing the six billion cedis a month
deficit to zero by the end of March 2004.
S.G.O. Lamptey, acting Managing Director of the company, announced
this in a speech read for him at a seminar to review the GWCL/Ghana Post
collection agreement in
The two-day
seminar will also evaluate the collection agreement between the two companies
and review the phase one of the special revenue mobilisation exercise embarked
upon by the company in January, this year.
Lamptey said the deficit, which was due to low revenue
collections each month, had been a source of worry to the board of the company,
government and the general public. He said in order to achieve the targets set
in the special exercise, steps were being taken to restructure and overhaul the
commercial department from the head office to the district levels.
Lamptey said vehicles and other logistics would also be
provided to the department to ensure effective monitoring and supervision of
field officers. He deplored the attitude of some field officers who colluded
with customers to cheat the company and said management was working out appropriate
sanctions for all known offences committed by field staff and would be applied
when anyone was caught.
Lamptey appealed to commercial managers to ensure strict
supervision of their subordinates to ensure efficient performance and increased
revenue mobilisation for the company.
GRi
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