Skip to main content

SOEs generate GH₵133.7m in 2024 but spend GH₵132.1m – SIGA report

 


Ghana’s state-owned enterprises (SOEs) recorded a total revenue of GH₵133.68 million in the 2024 financial year, but nearly all of it was absorbed by expenses, the latest State Ownership Report by the State Interests and Governance Authority (SIGA) has revealed.

The 54 SOEs under review posted a combined revenue growth of 28.3 per cent, rising from GH₵104.20 billion in 2023 to GH₵133.68 million in 2024.

However, their operating expenses increased almost proportionately, climbing 27.3 per cent to GH₵132.11 million. This left the sector with a slim financial buffer of about GH₵1.6 million.

A significant 71.6 per cent of all operating costs (GH₵94.6 million) were tied to direct expenses, highlighting the operational intensity of the enterprises. The report also noted that the 27.8 per cent depreciation of the cedi in 2024 inflated costs for SOEs with foreign currency exposures.

Energy Sector Leads in Revenue and Expenditure

The energy sub-sector remained the largest contributor, generating GH₵82.7 million in revenue. The Electricity Company of Ghana (ECG) accounted for GH₵36.2 million, while the Ghana National Petroleum Corporation (GNPC) contributed GH₵20.2 million.

The sub-sector also posted the highest expenditure, at GH₵87.0 million, with ECG and GNPC responsible for GH₵43.2 million and GH₵18.7 million, respectively.

Agriculture Sub-Sector Struggles

Agriculture revenues fell 21.3 per cent to GH₵16.5 billion, largely due to a 28.2 per cent slump in cocoa output, which hit COCOBOD’s earnings. Despite the revenue dip, expenses in the sub-sector surged to GH₵18.7 million, reflecting higher cocoa producer prices, which rose from GH₵12,800 per tonne in 2022/23 to GH₵33,120 in 2023/24.

Financial, Transport and Other Sub-Sectors

The financial and allied services cluster grew revenues by 49.5 per cent to GH₵21.2 million, with expenses also increasing by 44.1 per cent. Key contributors included the Ghana Road Fund, GETFund, and Ghana Reinsurance.

Transport and logistics improved strongly, raising revenues by 57.4 per cent to GH₵9.4 million, driven by the Ghana Ports and Harbours Authority (GPHA) and the Ghana Airports Company Limited (GACL).

Manufacturing posted a 76.2 per cent increase in revenues to GH₵428 million, though operating expenses also grew by 37.1 per cent.

The infrastructure sub-sector offered some relief, cutting operating expenses by nearly 40 per cent to GH₵3.6 million, while modestly improving revenues.

Labels:

Comments

Post a Comment

Popular posts from this blog

NESCAFÉ Launches Real Vibes Text & Win Promo to Reward Coffee Consumers Across Ghana

 NESCAFÉ has launched the Real Vibes Text & Win Promo, an exciting consumer promotion designed to reward loyal coffee lovers and bring the brand’s My Coffee, My Vibe experience even closer to consumers across the country. Running from September to December, the promotion gives consumers the opportunity to enjoy their favourite NESCAFÉ coffee while standing a chance to win exciting prizes, including phones, motorcycles, airtime and the ultimate grand prize—an electric SUV. Speaking at the launch, Lily Ntim, Category Development Manager for NESCAFÉ, said the promotion reflects NESCAFÉ’s commitment to creating, rewarding and memorable experiences for consumers. “Today, we are excited to introduce the NESCAFÉ Real Vibes Text & Win Promo, a campaign designed to bring the My Coffee, My Vibe experience even closer to our consumers,” she said. She added that the campaign is not only about prizes, but also about celebrating the everyday moments consumers enjoy with their coffee. “T...
Post a Comment
Read more

UK-Ghana Trade & Investment Summit: Trade Resource Centre to help businesses maximise UK-Ghana trade opportunities

 In a significant boost to UK-Ghana trade and investment relations, the UK-Ghana Chamber of Commerce (UKGCC), in partnership with the UK-Ghana Jobs and Economic Transformation (JET) Programme, has launched the UK-Ghana Trade Resource Centre, a practical market-access platform designed to help businesses identify opportunities, navigate export requirements and build commercial partnerships between Ghana and the United Kingdom. The UK and Ghana enjoy strong trade relations, with total bilateral trade reaching approximately £1.6 billion in the year to Q1 2026. Yet, despite this progress, significant untapped opportunities remain for businesses in both countries. The Trade Resource Centre has been established to help bridge information gaps, connect businesses with the right partners, and support firms to take greater advantage of opportunities under the UK-Ghana Trade Partnership Agreement. The launch formed one of the major outcomes of the UK-Ghana Trade & Investment Summit 2026,...
Post a Comment
Read more

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican...
16 comments
Read more