Finance minister laments huge losses of SOEs
The Minister of Finance, Dr Cassiel Ato Forson, has lamented the current state of some State-Owned Enterprises (SOEs) in the country.
According to him, only a handful of these SOEs pay dividends to the state, while accumulating huge debts.
In recent media engagements after the 2025 budget presentation in parliament, the finance minister highlighted these institutions and urged them to restructure to reduce the ballooning debts.
Also, President John Dramani Mahama warned the heads of these entities to ensure best practices or forfeit their positions in 2026.
Dr. Ato Forson further outlined some of the SOEs on his X page on March 13, 2025, stating, “As I was explaining: A significant number of SOEs have been operating at a loss, and their financial statements clearly reflect this reality.”
Some of the most striking figures highlighted in his post include:
• The Electricity Company of Ghana (ECG), which recorded losses of GH¢1.46 billion in 2021, GH¢8.06 billion in 2022, and GH¢5.96 billion in 2023.
• The Ghana Grid Company (GRIDCo), which posted losses of GH¢93.52 million in 2022 and GH¢86.56 million in 2023.
• GIHOC Distilleries Limited, which reported GH¢25.13 million in losses in 2022 and GH¢25.56 million in 2023.
• Graphic Communications Group Ltd, which saw consecutive losses of GH¢3.04 million in 2021, GH¢4.43 million in 2022, and GH¢15.18 million in 2023.
• Ghana Cocoa Board (COCOBOD), the largest loss-making SOE, recorded losses of GH¢2.4 billion in 2021 and GH¢3.8 billion in 2022.
On the issue of dividends, he said: “To put these figures into perspective, in 2018, only two SOEs, Ghana Ports and Harbours Authority (GPHA) and Ghana Reinsurance Company, paid dividends. By 2019, the number of dividend-paying SOEs increased to three, GPHA, Ghana Re, and TDC, contributing a total of GH¢14.4 million.”
However, as of 2024, the number of dividend-paying SOEs remained at three, with the State Housing Company replacing GPHA.
“Collectively, they contributed a modest GH¢28.7 million in dividends,” the minister explained.
SSD/EB
See the minister’s post below
As I was explaining:
“A significant number of SOEs have been operating at a loss, and their financial statements clearly reflect this reality.
Some of the most striking figures include:
• The Electricity Company of Ghana (ECG), which recorded losses of GHS1.46 billion in…
— Cassiel Ato Forson(PhD) (@Cassielforson) March 13, 2025
Electricity Company of Ghana @ECGghOfficial recorded the largest loss (-GHS 5.96bn) in 2023, while 📈 Ghana Cocoa Board @ghcocobod posted a GHS 2.29bn profit, mainly due to debt restructuring.
As presented by the Minister of Finance @Cassielforson at the National Economic… pic.twitter.com/wTY526opOe
— Bernard Obeng Boateng (@ObboatB) March 3, 2025
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