In recent times, the Minister of Finance and other stakeholders have lamented the rate of losses being recorded by State Owned Enterprises in Ghana.
Sharing his thoughts on this development, the Acting Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, has disclosed that there are some others who have been making profits and paying dividends to the state in the past five years.
According to him, despite the challenges that SOEs are facing in Ghana, Bui Power Authority, ESLA PLC, Ghana Gas, Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company have consistently posted profits paying dividends to the state from 2019 to 2023.
“It’s not all bad news. The best-performing SOEs include Bui Power Authority, ESLA PLC, Ghana Gas, Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company. From 2019 to 2023, they have consistently made profits and contributed dividends to the state,” he was quoted by citinewsroom.com to have said.
On the flip side, he said Ghana’s 10 largest State-Owned Enterprises (SOEs) by asset base recorded a net loss of GH¢11 billion in 2023.
He said this figure exceeds the combined losses of all 53 SOEs while adding that this compounds their financial limitations.
Electricity Company of Ghana (ECG) accounted for GH¢10 billion of the losses, while Ghana Water Company Limited (GWCL) recorded a GH¢3 billion shortfall.
“10 SOEs with the most assets recorded an aggregate net loss of GH¢11 billion in the financial year 2023, which surpasses the total loss of all 53 SOEs. ECG alone accounted for GH¢10 billion,” he stated.
Meanwhile, President John Mahama has warned the CEOs of SOEs against mismanagement of financial resources.
He said he would not hesitate to relieve non-performing CEOs of their positions.
