Sol Cement manufacturer Wan Heng Ghana Limited has acknowledged its failure to pay taxes to the Ghana Revenue Authority and expressed its commitment to live up to its obligation promptly.

The Ghana Revenue Authority has shut down the Tema Industrial Area-based cement manufacturer for defaulting in paying taxes totalling GH¢709 million for more than two years.

Apart from not honouring its VAT, Sol Cement also defaulted in paying corporate income tax and tax penalties imposed on the company in relation to the default.

GRA officials have asked the company to pay the amount in 10 days.

“In pursuant of Section 57 of the Revenue Administration Act 2026, (Act 915) as amended, restraining order will be levied on all distrainable things of your company as specified under section 57 of the Revenue Administration Act 2026, (Act 915) to recover the sum of GHS 709,686,828.53 due and owing by your company to the Authority together with the cost and charges incidental to the order”, the GRA said inna document.

The tax-collecting body has also sedured a restraining order to prevent the owners and, or workers from entering the premises of the company.

The Accra Area Enforcement Manager of the Ghana Revenue Authority, Commissioner Joseph Annan, told the media: “The amount is summary of different types of taxes, interest and penalties.  They even owe a penalty for misleading statements. All the internal processes have been exhausted and all the necessary notice served so we have sealed the place and if they are able to mobilize funds to pay, we will open it up for them.”

A statement issued by the management of the company on Monday, 23 October 2023, said: "We wish to address the recent news regarding the closure of Wan Heng Ghana Limited (producers of Sol Cement) and its outstanding tax liabilities to the Ghana Revenue Authority". 

"As a leading cement manufacturing company, we understand the importance of our financial responsibilities and the impact they have on our nation's development", Wan Heng Ghana Limited noted.

"We acknowledge that we are indebted to the Ghana Revenue Authority for unpaid taxes", it added. 

It said: "We are fully committed to resolving this matter in a responsible and timely manner". 

"We want to reassure our valued customers, stakeholders, and the public that we are taking immediate and proactive steps to address this issue. We are in discussions with relevant tax authorities to develop a structured repayment plan that aligns with our financial capabilities and ensures that our tax obligations are met".

The management said SOL Cement "remains dedicated to its mission of contributing to the growth and development of Ghana". 

"We understand that paying our taxes is an essential part of fulfilling this commitment. We apologise for any concerns or inconveniences this situation may have caused, and we promise to keep all our stakeholders informed throughout this process".

"We appreciate the trust and support that our customers and partners have placed in us over the years, and we are determined to rectify this situation while continuing to provide top-quality cement products and services", it added.

"We thank you for your understanding and patience during this challenging period. Sol Cement remains committed to being a responsible corporate citizen and a reliable contributor to the Ghanaian economy", the statement noted.