SOEs Record 28.3% Revenue Growth But Post GHS 9.67bn Net Loss in 2024 – SIGA Report
The State Interests and Governance Authority (SIGA) has launched the 2024 State Ownership Report (SOR), presenting a comprehensive analysis of the financial and operational performance of Ghana’s Specified Entities (SEs).
Covering 152 out of 175 approved entities—comprising 54 State-Owned Enterprises (SOEs), 30 Joint Venture Companies (JVCs) and 68 Other State Entities (OSEs)—the ninth instalment of the SOR highlights both progress and persistent risks in state asset management.
According to the report, SOEs recorded strong revenue growth of 28.3%, with total revenue rising to GHS133.68 billion in FY2024 from GHS104.19 billion in FY2023. The Energy sector (38.98% growth) and Financial & Allied Services sector (49.52% growth) were the main drivers.
Operational efficiency also improved, with Profit Before Interest and Tax (PBIT) rebounding to GHS1.57 billion in FY2024, compared to GHS376.93 million in FY2023. However, despite these gains, the SOE sector posted a deeper net loss of GHS9.67 billion, up from GHS7.14 billion in FY2023, largely on account of finance costs of GHS9.39 billion that eroded operational profits.
Total assets of SOEs rose by 22.52% to GHS395.20 billion, led by the Electricity Company of Ghana (ECG), Volta River Authority (VRA) and Ghana National Petroleum Corporation (GNPC). Liabilities increased at a faster pace of 24.20% to GHS281.94 billion, with ECG alone contributing GHS71 billion.
Persistent underperformance by entities such as Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Ghana Water Company Ltd, Graphic Communications Group Company and Tema Oil Refinery continues to weigh heavily on the sector, while mounting debts of ECG, Ghana Water Limited (GWL), and the ongoing challenges at COCOBOD pose heightened fiscal risks to the state.
On the other hand, nine SOEs, including the Ghana Ports and Harbours Authority (GPHA), Bui Power Authority (BPA), Ghana National Gas Company (GNGC) and Bulk Energy Storage and Transportation Company (BOST), remained consistently profitable over the five-year period under review.
Since its introduction, the State Ownership Report has become a critical accountability tool, providing policymakers, stakeholders and the public with data-driven insights into the performance and governance of SEs. The 2024 edition marks the fourth publication by SIGA since its establishment in 2019.
