The 2024 State Ownership Report by the State Interest and Governance Authority (SIGA) revealed that State-Owned Enterprises (SOEs) recorded strong revenue growth of 28.3 percent, with total revenue rising to GH¢133.68 billion in the 2024 financial year, compared to GH¢104.19 billion in 2023.

According to the report, the Energy and Financial & Allied Services sectors were the main drivers, posting growth rates of 38.98 percent and 49.52 percent, respectively.

Operational efficiency also improved, with Profit Before Interest and Tax (PBIT) rebounding to GH¢1.57 billion in 2024, up from GH¢376.93 million in 2023.

Despite these gains, the SOE sector recorded a deeper net loss of GH¢9.67 billion, compared to GH¢7.14 billion in 2023, largely due to finance costs of GH¢9.39 billion that eroded operational profits.

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Total assets of SOEs rose by 22.52 percent to GH¢395.20 billion, led by the Electricity Company of Ghana (ECG), Volta River Authority (VRA), and Ghana National Petroleum Corporation (GNPC).

Liabilities, however, increased at a faster pace of 24.20 percent, reaching GH¢281.94 billion, with ECG alone contributing GH¢71 billion.

SOE underperformance

SOEs such as the Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Ghana Water Company Ltd, Graphic Communications Group, and Tema Oil Refinery continue to weigh heavily on the sector.

Meanwhile, mounting debts of ECG and Ghana Water Limited (GWL), along with ongoing challenges at COCOBOD, pose heightened fiscal risks to the state.

However, 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 review period.

The 2024 State Ownership Report (SOR) covered 152 out of 175 approved entities, comprising 54 State-Owned Enterprises (SOEs), 30 Joint Venture Companies (JVCs), and 68 Other State Entities (OSEs).

Read the full report below:

https://siga.gov.gh/2025/08/29/siga-publishes-2024-state-ownership-report/

SP/MA

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