The 2024 State Ownership Report by the State Interest and Governance Authority (SIGA) revealed that three State-Owned Enterprises (SOEs) paid a total of GH¢29.36 million in dividends to the government in the 2024 financial year, representing a 78.88% increase compared to 2023.

The dividend-paying entities were Ghana Reinsurance Company Ltd, TDC Company Ltd, and the State Housing Company Ltd, which made a dividend 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 28.3%, reaching GH¢133.68 billion in 2024, up from GH¢104.19 billion in 2023.

How Ghana's SOEs fared in 2024 – SIGA report

Energy sector leads SIGA’s growth report

Growth was led by the Energy sector, while the Energy and Financial & Allied Services sectors emerged as the main drivers, with growth rates of 38.98% and 49.52%, respectively.

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

The report further noted that total SOE assets increased by 22.52% to GH¢395.20 billion in 2024, with ECG, VRA, and GNPC as the top contributors.

Liabilities also grew by 24.20%, reaching GH¢281.94 billion, with the Electricity Company of Ghana (ECG) alone accounting for GH¢71 billion.

SIGA’s 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).

SP/MA

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