Finance Minister, Dr. Cassiel Ato Baah Forson, has expressed concern over the troubling trend of State-Owned Enterprises (SOEs) incurring significant losses in recent years.
During a meeting with CEOs of SOEs, Dr. Forson shared detailed figures from 2021 to 2023, highlighting the ongoing financial challenges faced by key national institutions.
The Electricity Company of Ghana (ECG), the country’s power distribution company, was the first to be highlighted for experiencing consecutive losses over the past three years. Data reveals that the company recorded a GHS1.46 billion loss in 2021, which escalated to GHS8 billion in 2022 before slightly decreasing to GHS5.96 billion in 2023.
The Finance Minister also pointed to losses at the Ghana Grid Company (GRIDCo), which reported a GHS93.5 million loss in 2022 and a further GHS8.6 million loss in 2023.
Surprisingly, GIHOC Distilleries, a company in an otherwise profitable industry, posted losses of GHS25.1 million in 2022 and GHS25.5 million in 2023, as revealed by Dr. Ato Baah Forson.
The Graphic Communication Group, a prominent media organization, also faced financial struggles, with losses of GHS3 million in 2021, GHS4.4 million in 2022, and a sharp rise to GHS15.1 million in 2023.
The most significant loss came from the Ghana Cocoa Board, the country’s largest agricultural institution, which reported a GHS2.4 billion deficit in 2021, followed by an even larger GHS3.8 billion loss in 2022.
“These losses paint a concerning picture of the financial health of our state-owned enterprises. It is essential that we address these issues to ensure the sustainability and growth of these vital institutions, which contribute significantly to the economy,” Dr. Forson stated.
