Published on 09 January, 2019.

Two subsidiaries of the Social Security and National Insurance Trust (SSNIT), Ghana Agro Foods Company Limited (GAFCO) and Messrs Gulf Consolidated Limited, have paid shareholder advance and dividend respectively. to the Management of SSNIT at the Pension House in Accra.

Two subsidiaries of the Social Security and National Insurance Trust (SSNIT), Ghana Agro Foods Company Limited (GAFCO) and Messrs Gulf Consolidated Limited, have paid shareholder advance and dividend respectively. to the Management of SSNIT at the Pension House in Accra.

Ghana Agro Foods Company Limited  presented a cheque for GH¢ 400,000.00.

GAFCO was making a shareholder advance payment to the Trust for the first time. SSNIT bought 40% equity stake in the company in 2005.

GAFCO is a company in the agro food industry, that processes agricultural products for sale to the public.

He said Gulf Consolidated Limited presented cheque for GH¢ 712,509.84. This is 63.4% more than the dividend paid in 2016 which was GH¢451,445.82 .

The company has been presenting dividends to SSNIT for the past 13 years and the figure has been increasing exponentially yearly.

The Board Chairman of GAFCO, Professor Joe Amoako-Tuffour said inspite of the challenges that the company faced in the past, it has been able to make positive gains through good governance practices.

He said the company has embraced opportunities provided under the government’s “Food for Jobs” programme to grow the fortunes of the company.

Professor said GAFCO was making the shareholder advance payment to among other things, make all the shareholders to really feel part of the ownership of the entreprise..

The Board Chairman of the Messrs Gulf Consolidated Limited, Mr Kwabena Abankwa-Yeboah said the company was incorporated among other things as a Property Development Company, with SSNIT as a majority partner shareholder in 1992.

He said the company, after paying off all loans used to finance the the Gulf House project in 2008,  had consistently paid dividends to shareholders.

Mr Abankwa-Yeboah said the company continues to explore all appropriate means to expand and grow its core business in order to increase shareholders value.

He disclosed that the Board has approved the use of a 3.5 acre land at Gulf House into a three multi-storey car park with basements, two block of residential apartment of 12 storey and a 10 storey office block

The Director-General of SSNIT commended the two companies and urged them to work harder in other to pay better dividend to the Trust in future.