Three SOEs Make First Dividend Payment of GHS 29.3m in 30 years
Three State-Owned Enterprises (SOEs) remitted a total of GHS29.36 million in dividends to government in the 2024 financial year, representing a 78.88% increase over the previous year, according to the latest State Ownership Report (SOR) by the State Interests and Governance Authority (SIGA).
The dividend-paying entities were Ghana Reinsurance Company Ltd, TDC Company Ltd, and the State Housing Company Ltd, which made payment for the first time in three decades.
Beyond dividend contributions, the financial performance of SOEs reflected mixed outcomes. Total revenue for the sector rose sharply by 28.30% to GHS133.68 billion in FY2024, from GHS104.19 billion in FY2023.
Growth was led by the Energy sector (38.98%) and the Financial & Allied Services sector (49.52%). Operational efficiency also improved, with Profit Before Interest and Tax (PBIT) recovering to GHS1.57 billion, up from GHS376.93 million in FY2023, compared to a loss of GHS9.62 billion in FY2022.
However, despite these operational gains, the sector ended the year with a deepened net loss of GHS9.67 billion, compared with a loss of GHS7.14 billion in FY2023. SIGA attributed this to excessive finance costs, which totaled GHS9.39 billion and effectively wiped out operational profits.
The report further noted that total SOE assets increased by 22.52% to GHS395.20 billion in FY2024, with ECG, VRA, and GNPC as top contributors. Liabilities also grew by 24.20% to GHS281.94 billion, with the Electricity Company of Ghana (ECG) alone accounting for GHS71 billion.
The 2024 SOR, which provides an in-depth review of the financial and operational performance of Ghana’s Specified Entities (SEs), covered 152 out of 175 approved entities.
These comprised 54 SOEs, 30 Joint Venture Companies (JVCs), and 68 Other State Entities (OSEs), reflecting an expansion in oversight compared to the previous year.
Now in its ninth edition and the fourth since SIGA’s establishment in 2019, the report remains a key accountability tool for policymakers, stakeholders, and the public, offering data-driven insights to inform dialogue on the management of state entities.
