Top 10 SOEs recorded GHC11bn net loss in 2023 – Kpessa-Whyte

Ghana’s 10 largest State-Owned Enterprises (SOEs) by asset base collectively suffered a net loss of GHC11 billion in the 2023 financial year, according to Professor Michael Kpessa-Whyte, Acting Director-General of the State Interests and Governance Authority (SIGA).

Speaking on The Point of View on Wednesday, March 19, he revealed that the Electricity Company of Ghana (ECG) accounted for GHC10 billion of the losses, while Ghana Water Company Limited (GWCL) recorded a GHC3 billion shortfall.

"10 SOEs with the most assets recorded an aggregate net loss of GHC11 billion in 2023, which surpasses the total loss of all 53 SOEs. ECG alone accounted for GHC10 billion," he stated.

Despite these challenges, some SOEs have remained profitable, with entities like Bui Power Authority, ESLA PLC, Ghana Gas, Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company consistently paying dividends to the state from 2019 to 2023.

"It’s not all bad news. These SOEs have consistently made profits and contributed dividends to the state," Prof. Kpessa-Whyte noted.

His remarks have intensified discussions on urgent reforms needed to improve financial performance and operational efficiency in Ghana’s SOE sector.