Joseph Cudjoe, Minister for Public Enterprises.
A new report on State Owned Enterprises (SOEs) has revealed that a total of ¢2.61 billion was recorded as losses in 2020.
According to the 2020 State Ownership Report, the figure although significant, represents close to 50 per cent improvement over the 2019 aggregate loss of ¢5.16 billion.
The report indicated that SOEs’ combined revenue increased by 19.30 per cent, from ¢37.912 billion in 2019 to ¢45.23 billion in 2020.
Except for communications and transportation, all other sectors recorded improved revenue in 2020 relative to 2019 while direct costs incurred by SOEs collectively in 2020 was ¢32.9 billion, representing a 12.65 per cent increase from ¢29.213 billion in 2019.
The energy and agricultural sectors were the main contributors, accounting for over 80 per cent of aggregate direct costs of SOEs in FY2020.
“Total assets of the SOEs portfolio however stood at ¢171.632 billion, whilst aggregate liabilities recorded was ¢119.5 billion in 2020,” the report said.
Comparatively, the Joint Venture Companies (JVCs) portfolio moved from a loss position of ¢1.05 billion in 2019 to a profit of approximately ¢11.81 million in 2020.
Total revenue decreased by 5.82 per cent, from ¢13.80 billion in 2019 to ¢13.005 billion in 2020.
The Minority Interests portfolio recorded an aggregate net profit of GH¢11.25 billion in 2020 against a net loss of ¢62.17 million in the previous year.
For revenue, aggregate revenue for Minority Interests entities amounted to ¢53.356 billion in 2020, which is an increase of 29.40 per cent, from 2019 (¢41.234 billion).
Direct Costs however saw a slight increase of 2.58 per cent, from ¢28.781 billion in 2019 to ¢29.525 billion in 2020.
The 2020 State Ownership Report covered 132 Specified Entities which include SOEs, 17 JVCs, 54 OSEs and 14 minority interests.
By Jamila Akweley Okertchiri