By Jibril Abdul Mumuni
Accra, March 13, GNA – The State Interests and Governance Authority (SIGA) Wednesday painted a gloomy picture of the performance of State-Owned Enterprises (SOEs), which recorded substantial financial losses in 2024.
A report presented on the sector during President John Dramani Maham’s meeting with chief executive officers of SOEs at the Kempinski Hotel in Accra, detailed key financial indicators revealing a challenging situation for the enterprises.
A major concern is the profit after tax, which showed a significant loss of GHS 8.54 billion.
This follows a loss of GHS 1.36 billion in profit before interest and tax, Mr Eric Bonsu Agyabeng, the Manager of Transport and Logistics, SIGA, who presented the report, said.
Further revelation indicated negative performance in key metrics, notably the Return on Assets and Return on Equity.
He said the Return on Assets (ROA) was reported as -2.5 per cent, and Return on Equity (ROE) as -8.1 per cent.
While SOEs possess a substantial asset base of GHS 338.15 billion and contributing 23 per cent to Ghana’s nominal Gross Domestic Product (GDP), they are struggling with profitability.
Total revenue reached was GHS103.79 billion, but total operating expenses exceeded GHS105.54 billion, resulting in a cost recovery ratio of 0.99.
This indicates that operational costs are slightly exceeding revenue.
The report also provided data on gender representation within SOEs, revealing that 76.03 per cent of employees being males, while 23.97 per cent are females.
Total liabilities amounted to GHS 232.69 billion.
GNA
ABD