SIGA said in the report that 58 out of the 175 specified entities provided employment
The five biggest employers in the state-owned entities sector provided a combined 26,642 jobs in 2019, the State Interests and Governance Authority (SIGA) has revealed in its latest report.
The top five contributors to employment, according to the report, were COCOBOD, Electricity Company of Ghana, Ghana Water Company Limited, Ghana Ports and Harbours Authority, and Forestry Commission. They employed 7,952; 6,422; 4,622; 4,103; and 3,543 employees respectively in 2019.
SIGA said in the report that 58 out of the 175 specified entities provided employment data for 2019. These entities consisted of 27 Stated-Owned Enterprises (SOEs), 10 Joint Venture Companies (JVCs), and 21 Other State Entities (OSEs).
In all, the 58 entities employed a total of 56,436 personnel in 2019. The 27 SOEs and 21 OSEs employed total of 28,881 and 15,638 personnel respectively. The 10 JVCs employed 11,917 personnel.
The report, which analysed the financial performance of state-owned entities between 2015 and 2019, said SOEs posted combined revenue of GH¢28.57bn in 2019, representing an increase of 18.6 percent over the 2018 revenue of GH¢24.09bn.
Similarly, it said JVCs recorded a 17.4 percent rise in revenue from GH¢38.79bn in 2018 to GH¢45.53bn in 2019.
“SOEs’ direct costs in FY2019 amounted to GH¢20,944.39 million, representing a 19.05 percent increase (GH¢3,351.91 million) over the FY2018 outturn (GH¢17,592.48). JVCs, on the other hand, recorded a 15.38 percent (GH¢4,426.02 million) rise in direct cost from GH¢28,780.40 million in FY2018 to GH¢33,206.42 million in FY2019,” said the report.
“JVCs reported a 31.75 percent (GH¢2,461.69 million) increase in OPEX, rising from GH¢7,753.81 million in FY2018 to GH¢10,215.50 million in FY2019,” it added.
The implication of this increase, according to the report, was a 65.83 percent (GH¢6,934.40 million) decline from gross profit of GH¢10,533.48 million to operating profit of GH¢3,599.08 million in 2019.
It said JVCs’ profitability deteriorated further to a net loss of GH¢2,341.37 million in 2019 on account of significant losses recorded by the mining (GH¢1,799.85 million) and communications (GH¢1,415.19 million) sectors.
The report said SOEs’ total assets amounted to GH¢137,821.67 million, which indicates an increase of 14.45 percent (GH¢17,399.79 million) over the 2018 outturn of GH¢120,421.88 million.
It noted there was a 21.97 percent (GH¢14,902.96 million) increase in total liabilities from GH¢67,845.92 million in 2018 to GH¢82,748.78 million in 2019.
Notwithstanding the increase in liabilities, it said SOEs’ net worth increased by 4.75 percent (GH¢2,496.83 million) from GH¢52,576.06 million in 2018 to GH¢55,072.90 million in 2019.
On the other hand, JVCs reported total assets of GH¢80,220.35 million in 2019, indicating a 16.10 percent (GH¢11,124.20 million) improvement over the 2018 position of GH¢69,096.14 million.
There was also a 9.43 percent (GH¢5,336.89 million) increase in total liabilities of JVCs from GH¢56,602.71 million in 2018 to GH¢61,939.60 million in 2019. The net worth of JVCs at the end of 2019 stood at GH¢18,280.75 million.