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

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more