GHS 395 Billion Asset Value of SOEs Formed 33.5% of Ghana’s GDP in 2024
State-Owned Enterprises (SOEs) expanded their asset base to GHS395.20 billion in 2024, representing 33.5% of Ghana’s gross domestic product (GDP), according to the 2024 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA).
The increase marks a 22.52% rise from 2023, with the Electricity Company of Ghana (ECG), Volta River Authority (VRA), and Ghana National Petroleum Corporation (GNPC) as the largest contributors. Liabilities also surged by 24.20% to GHS281.94 billion, with ECG alone accounting for GHS71 billion.
On the revenue front, SOEs recorded strong growth of 28.30%, reaching GHS133.68 billion in 2024, up from GHS104.19 billion in 2023. The Energy sector (38.98% growth) and Financial & Allied Services (49.52% growth) were the primary drivers.
The release of the SOR comes against the backdrop of a stronger-than-expected economic performance in 2024. Ghana’s GDP expanded by 5.7% in 2024, inflation fell to 23.8%, while the cedi stabilised. The capital market also rebounded, with the Ghana Stock Exchange Composite Index gaining 56.2% during the year.
Despite these macroeconomic gains, fiscal performance deteriorated. The overall deficit widened to 7.9% of GDP, largely due to elevated interest costs and rising expenditure pressures. Public debt rose to GHS726.70 billion, though its ratio to GDP improved to 61.8% following successful debt restructuring, including the completion of Eurobond negotiations in 2024.
SIGA also highlighted rising fiscal risks tied to government commitments. Outstanding loan guarantees amounted to GHS3.15 billion, while on-lent loans stood at GHS14.73 billion. Payments for contingent liabilities from public-private partnership (PPP) agreements reached $100.1 million in 2024.
The 2024 SOR, which reviewed 152 out of 175 approved Specified Entities (SEs) comprising 54 SOEs, 30 Joint Venture Companies (JVCs), and 68 Other State Entities (OSEs), marks the ninth edition in the series and the fourth to be published by SIGA since its establishment in 2019. It continues to serve as a critical accountability tool, offering policymakers, investors, and the public data-driven insights on the governance and performance of state assets.
