Prof. Michael Kpessa-White
State-Owned Enterprises (SOEs) recorded revenue growth of GH¢133.68 million for the 2024 Financial Year (FY), an increase from the GH¢104,197 million recorded in 2023, according to the State Ownership Report (SOR).
The figure represents a 28.30% year-on-year growth from the revenue recorded in the 2023 financial year.
The report which was launched by the Acting Director General of State Interests and Governance Authority (SIGA), Prof. Michael Kpessa-White, stated that the 2024 performance was largely driven by strategic interventions that significantly improved efficiency over the past three fiscal years.
“The SOE sector has shown steady gains (for three fiscal years) in
operational efficiency, culminating in Profit Before Interest and Tax (PBIT) of GH¢1,574.83 million in FY2024 from a recovery of GH¢376.93 million in FY2023 (FY2022: -GH¢9, 619.80million),” he said.
Prof. Kpessa-White further noted that, “Despite a reported significant revenue growth of GH¢133,682.21 million in FY2024, up from GH¢104,197.31 million in FY2023, representing year-on-year growth of 28.30 percent, the sector closed FY2024 with deepened net loss of GH¢9,675.43 million from –GH¢7,143.50 million in FY2023.”
It further added that the 2024 State Ownership Report which covered 152 specified entities, recorded an increase from 147 in the previous year.
The report also stated that total SOE assets expanded to GH¢395.20 billion, representing a 22.52 percent increase, with Electricity Company of Ghana (ECG) , Volta River Authority (VRA), and Ghana National Petroleum Corporation (GNPC) leading contributions while liabilities increased to GH¢281.94 billion with ECG accounting for GH¢71 billion.
Nine State Owned Enterprises (SOEs) including the Ghana Ports and Harbours Authority (GPHA), Bui Power Authority (BPA), Ghana National Gas Company (GNGC), and Bulk Oil Storage and Transport Company (BOST) maintained consistent profitability over the past five years.
The report also mentioned that, the State Housing Company paid dividends to government in addition to two other entities Ghana Reinsurance Company and TDC Company Ltd contributing GH¢29.36 million, a 78.88% increase from 2023 for the first time in three decades.
By Ebenezer K. Amponsah