• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Ghana Maritime Authority ended 2020 with GHS 88m profit

3 years ago
in Features, highlights, Home, home-news, latest News, Maritime, Trade, Uncategorized
1 min read
0 0
0
177
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana Maritime Authority ended 2020 with GHS 88m profit

The 2021 Auditor-General’s report of the audited financial statements of the Ghana Maritime Authority for the year-end December 31, 2020, has revealed that the Ghana Maritime Authority (GMA’s) operations for the year under review ended with a surplus of GH¢88,943,474 compared with GH¢70,539,716 recorded in 2019, representing an increase of 26.1%.

Total income for the year was GH¢217,441,329 as against GH¢164,129,088 recorded in 2019.

This represents an improvement of 32.5% and was mainly due to an increase of 34.5% in maritime safety charges from GH¢99,793,853 in 2019 to GH¢134,237,748 in 2020.

Total expenditure also increased by 37.3% from GH¢93,589,372 in 2019 to GH¢128,497,855 in 2020.

The increase was mainly attributable to a 36.8% rise in administrative and overhead expenses from GH¢89,151,817 in 2019 to GH¢121,917,322 in 2020.

Financial position

RelatedPosts

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders

Regulatory Weakness, Capped Stabilisation Fund Undermining Ghana’s Petroleum Revenue Management – PIAC

MLS Playoffs 2025: A Look Ahead to the Exciting Postseason

Non-current assets, which included intangible assets, went up by 69.1% from GH¢114,111,472 in 2019 to GH¢192,978,551 in 2020.

The rise was due to the acquisition of property, plant and equipment during the year.

Current assets also increased “significantly” by 26.0% from GH¢111,936,137 in 2019 to GH¢141,075,444 in 2020, the report said.

The variation, the report pointed out, was mainly due to an increase of GH¢19,891,109 or 38.7% in trade and other receivables which rose from GH¢51,375,052 in 2019 to GH¢71,266,161 in 2020.

Current liabilities also saw an increase of 148.6% from GH¢12,045,049 in 2019 to GH¢29,944,336 in 2020.

The increase was due to a provision of GH¢14,919,947 made for end-of-service benefits in 2020.

Non-current liabilities increased to GH¢11,309,453.

This represents a long-term loan procured from Ecobank to finance the construction of office buildings in Accra, Tema, and Takoradi.

The liquidity position of the Authority was 4.7:1 in 2020 as compared with 9.3:1 in 2019.

“This is an indication that the Authority is still in a position to discharge its short-term financial obligations as and when they fall due,” the report noted.

Tags: Ghana Maritime Authority ended 2020 with GHS 88m profit
No Result
View All Result

Highlights

Michael Jordan Rookie Card Sets New Record with $2.7 Million Sale

BoG Pegs Ghana Gold Coin at GHS 47,551 per Ounce

UEFA Champions League: Paris, Inter and Arsenal Win in Style to Stay Perfect, Barcelona Score Six

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

BoG Halts GCB Bank Dividend Payment

Trending

Business

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders

October 22, 2025

FirstBank Ghana Concludes Third Junior Internship Programme to Nurture Future Leaders FirstBank Ghana has successfully concluded the...

Regulatory Weakness, Capped Stabilisation Fund Undermining Ghana’s Petroleum Revenue Management – PIAC

October 22, 2025

MLS Playoffs 2025: A Look Ahead to the Exciting Postseason

October 22, 2025

Michael Jordan Rookie Card Sets New Record with $2.7 Million Sale

October 22, 2025

BoG Pegs Ghana Gold Coin at GHS 47,551 per Ounce

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.