Ghana’s State-Owned Enterprises (SOEs) achieved robust income development in 2024 however proceed to weigh closely on public funds because of ballooning losses and unsustainable debt ranges.
In accordance with the most recent State Possession Report (SOR) launched by the State Pursuits and Governance Authority (SIGA).
The report, launched in Accra on Friday, twenty ninth August 2025, revealed that SOE revenues surged by 28.3 per cent to GHS133.68 billion in 2024, up from GH¢104.19 billion the earlier 12 months.
The power and monetary companies sectors have been the principle drivers of this development, recording expansions of 38.98 per cent and 49.52 per cent respectively.
Operational efficiency additionally improved, with revenue earlier than curiosity and tax rebounding to GH¢1.57 billion after years of heavy losses.
Nevertheless, these beneficial properties have been worn out by steep finance prices, leaving the sector with a deepened internet lack of GH¢9.67 billion, in contrast with GH¢7.14 billion in 2023.
The Electrical energy Firm of Ghana (ECG) alone accounted for GH¢71 billion of the sector’s liabilities, whereas perennial loss-makers similar to Tema Oil Refinery, Ghana Water Firm, and the Ghana Cylinder Manufacturing Firm continued to pose main fiscal dangers.
Regardless of these setbacks, 9 entities, together with the Ghana Ports and Harbours Authority, Bui Energy Authority, and Ghana Nationwide Gasoline Firm, remained persistently worthwhile between 2020 and 2024.
The JVC sector confirmed a brighter image, bouncing again from a GH¢1.33 billion loss in 2023 to put up internet earnings of GH¢1.51 billion in 2024.
Minority-interest JVCs additionally delivered spectacular outcomes, producing GHS24.88 billion in earnings and contributing GH¢1.03 billion in dividends to authorities—91 per cent of all dividend receipts.
Different State Entities (OSEs) narrowed their internet deficit by practically 69 per cent, however the Financial institution of Ghana’s destructive fairness of GH¢58.62 billion dragged the sector right into a mixed destructive gathered fund place of GH¢12.54 billion.
The report warned that extreme borrowing, mounting contingent liabilities, and local weather dangers may additional destabilise the sector until pressing reforms are carried out.
It additionally flagged weak adherence to climate-smart reporting, with solely 27 SOEs submitting climate-related initiatives in 2024, down from 33 the 12 months earlier than.
Finance Minister Cassiel Ato Forson admitted that the “dismal” efficiency of many entities undermines the federal government’s fiscal reset agenda.
He known as for more durable enforcement of reporting deadlines and prioritisation of dividend funds as a marker of monetary well being.
With whole public debt rising to GH¢726.70 billion—61.8 per cent of GDP—SIGA emphasised that sustained restructuring, stronger company governance, and enhanced income mobilisation can be essential if state entities are to cease being a drag on the nationwide purse and turn out to be true drivers of development.
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