{"id":23191,"date":"2022-07-18T16:08:08","date_gmt":"2022-07-18T16:08:08","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/g-pak-redeems-investment"},"modified":"2022-07-18T16:36:35","modified_gmt":"2022-07-18T16:36:35","slug":"g-pak-redeems-investment","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment","title":{"rendered":"G-Pak redeems investment"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Ghana. <\/strong><\/span>G-Pak Limited, a subsidiary of Graphic Communications Group Ltd, has redeemed its investment with interest in full, amounting to GH\u00a21,127,740.<\/p>\n<p>25, it made with Utrak Savings and Loans.<\/p>\n<p>Mr Kingsley Matey-Koley, Acting General Manager, G-Pak Ltd, made the disclosure on Monday, when he appeared before the Public Accounts Committee (PAC) of Parliament in Accra, to respond to an issue raised in the 2019 Auditor-General\u2019s Report concerning his Company.<\/p>\n<p>According to the Report, the Management of G-Pak Ltd invested an amount of GH\u00a21,000,000 with Utrak Savings and Loans, which was expected to mature on 27th December 2018, but Utrak released GH\u00a2700,000 out of the accumulated value of GH\u00a21,127,740.25 with GH\u00a2427,740.25 still outstanding.<\/p>\n<p>The auditors advised the Management of G-Pak Ltd to institute measures that would ensure that the difference of GH\u00a2427,740.25 was recovered. Mr Matey-Koley told the committee that the full amount of the investment had been redeemed with the interest thereof (GH\u00a21,127,740.25), which was subsequently confirmed by the Auditors to PAC.<\/p>\n<p>Dr James Klutse Avedzi, the Chairman of PAC, wanted to know from Mr Matey-Koley what G-Pak does as a company. The General Manager explained that G-Pak was a subsidiary of Graphic Communications Group Limited, and that it deals in light packaging materials like pharmaceutical boxes, commercial printing like normal flyers and annual reports.<\/p>\n<p>He underscored that G-Pak was the biggest printing Company in Ghana currently. The chairman again asked Mr Matey-Koley, whether G-Pak pays its dividends to the Government or its mother company?<\/p>\n<p>The General Manager told the committee that G-Pak pays its dividends to its Mother Company, Graphic Communications Group Limited. Dr Avedzi: \u201cSo, how much dividend did you pay in 2018, after you have declared a profit of GH\u00a21.4 million after tax?\u201d<\/p>\n<p>Mr Matey-Koley: \u201cMr Chair, the parent company decided to reinvest the money in the business\u201d. Dr Avedzi: \u201cAre you sure of what you are saying?\u201d Mr Matey-Koley: \u201cYes please.\u201d<\/p>\n<p>Dr Avedzi said the financial statement of G-Pak indicates that the Company was doing well, and that they hope that the Company was currently still viable. In his response, Mr Matey-Koley said: \u201cMr Chairman, we are doing well by God\u2019s grace.\u201d<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/ghana\">Ghana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Ghana. G-Pak Limited, a subsidiary of Graphic Communications Group Ltd, has redeemed its investment with interest in full, amounting to GH\u00a21,127,740. 25, it made with Utrak Savings and Loans. Mr Kingsley Matey-Koley, Acting General Manager, G-Pak Ltd, made the disclosure on Monday, when he appeared before the Public Accounts Committee (PAC) of Parliament [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":23190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8],"tags":[5092,5096,9655,429,1801],"class_list":["post-23191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","tag-africa-press","tag-africa-press-ghana","tag-g-pak","tag-ghana","tag-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>G-Pak redeems investment - Ghana<\/title>\n<meta name=\"description\" content=\"G-Pak Limited, a subsidiary of Graphic Communications Group Ltd, has redeemed its investment with interest in full, amou ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"G-Pak redeems investment\" \/>\n<meta property=\"og:description\" content=\"G-Pak Limited, a subsidiary of Graphic Communications Group Ltd, has redeemed its investment with interest in full, amou ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-18T16:08:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-18T16:36:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_6-62d58bf151fbe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"656\" \/>\n\t<meta property=\"og:image:height\" content=\"656\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"G-Pak redeems investment\",\"datePublished\":\"2022-07-18T16:08:08+00:00\",\"dateModified\":\"2022-07-18T16:36:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment\"},\"wordCount\":368,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_6-62d58bf151fbe.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"G-Pak\",\"ghana\",\"investment\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/g-pak-redeems-investment\",\"name\":\"G-Pak redeems investment - 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