By: Franklin ASARE-DONKOH
The Finance Minister, Dr. Cassiel Ato Baah Forson, has bemoaned the worrying trend of several State-Owned Enterprises (SOEs) recording heavy losses in recent years.
Speaking at a meeting with Chief Executive Officers (CEOs) of SOEs, Dr. Forson presented detailed figures from 2021 to 2023, revealing the persistent financial struggles of major national institutions.
The nation’s power distribution company, the Electricity Company of Ghana (ECG), was the first to be cited for recording consecutive losses over three years. Available data shows that the company reported a GHS1.46 billion loss in 2021, which surged to GHS8 billion in 2022 before slightly reducing to GHS5.96 billion in 2023.
The Finance Minister also cited losses at the Ghana Grid Company (GRIDCo), which recorded a GHS93.5 million loss in 2022 and GHS8.6 million in 2023.
Shockingly, struggling GIHOC Distilleries, which is in a seemingly profitable industry, reported losses of GHS25.1 million in 2022 and GHS25.5 million in 2023, Dr Ato Baah Forson revealed.
The Graphic Communication Group, a major media entity, also faced financial difficulties, posting losses of GHS3 million in 2021, GHS4.4 million in 2022, and a sharp increase to GHS15.1 million in 2023.
The biggest loss, however, came from the Ghana Cocoa Board, the country’s largest agricultural institution, which recorded a GHS2.4 billion deficit in 2021 and an even higher GHS3.8 billion loss in 2022.
“These losses paint a concerning picture of the financial health of our state-owned enterprises. It is essential that we address these issues to ensure the sustainability and growth of these vital institutions, which contribute significantly to the economy,” Dr. Forson stated.
