Alcohol-making companies ‘shockingly’ made losses under Akufo-Addo – Ato Forson

Finance Minister Dr. Cassiel Ato Forson has highlighted the financial struggles of state-owned enterprises (SOEs) under the Akufo-Addo administration, expressing concern over persistent losses.

Speaking at a meeting with SOE CEOs, he detailed significant losses recorded by key entities, including the Electricity Company of Ghana (ECG), which reported deficits of GHS1.46 billion in 2021, GHS8 billion in 2022, and GHS5.96 billion in 2023.

The Ghana Grid Company also recorded losses of GHS93.5 million in 2022 and GHS8.6 million in 2023. Dr. Forson expressed particular surprise at GIHOC Distilleries, an alcohol manufacturing company, which reported losses of GHS25.1 million in 2022 and GHS25.5 million in 2023.

Other struggling SOEs include the Graphic Communications Group, with losses of GHS3 million in 2021, GHS4.4 million in 2022, and GHS15.1 million in 2023. Meanwhile, the Ghana Cocoa Board (COCOBOD) emerged as the largest loss-making entity, posting deficits of GHS2.4 billion in 2021 and GHS3.8 billion in 2022.