SOE Revenue Up to GHS133.7bn, But Losses Widen
Ghana’s State-Owned Enterprises (SOEs) achieved strong revenue growth in the 2024 financial year. Total earnings climbed 28.3 percent to GH¢133.68 billion. This represents a significant increase from the GH¢104.19 billion recorded in 2023. According to the 2024 State Ownership Report, robust expansion in the Energy sector and Financial & Allied Services drove the positive performance. The energy sub-sector posted a 38.98 percent growth, while the financial sector surged by 49.52 percent. This confirms that SOEs revenue up is a dominant trend.
Furthermore, the sector demonstrated signs of operational recovery. Profit before interest and tax (PBIT) improved sharply to GH¢1.57 billion in 2024. This compares favorably with the GH¢376.93 million in 2023. In fact, it is a major turnaround from the GH¢9.62 billion loss in 2022. However, these gains were wiped out by mounting finance costs. Ultimately, the SOE sector ended 2024 with a net loss of GH¢9.67 billion. This loss is wider than the GH¢7.14 billion shortfall in 2023. Excessive finance charges, which totaled GH¢9.39 billion, therefore, completely erased all operational profits. This is a concerning development for the Ghanaian economy.
On the balance sheet, total SOE assets expanded by 22.52 percent. Assets reached GH¢395.20 billion, with ECG, VRA, and GNPC as major contributors. In contrast, liabilities grew faster. They rose 24.20 percent to GH¢281.94 billion. The Electricity Company of Ghana (ECG) alone accounted for a massive GH¢71 billion of these liabilities. Despite persistent losses from some entities like the Ghana Water Company Limited and Tema Oil Refinery, many others remained profitable. For instance, nine SOEs maintained consistent profitability over the last five years. These include the Ghana Ports and Harbours Authority (GPHA), Bui Power Authority (BPA), and Ghana National Gas Company (GNGC).
CITINEWSROOM. Author: Daniel Oduro-Mensah. Date: September 1, 2025.
