Professor Michael Kpessa-Whyte, Acting Director-General of the State Interests and Governance Authority (SIGA), has revealed that Ghana’s 10 largest State-Owned Enterprises (SOEs) by asset base collectively suffered a net loss of GHC11 billion in the 2023 financial year.
This staggering figure exceeds the combined losses of all 53 SOEs, highlighting severe financial challenges within key state institutions.
Speaking on Channel One TV’s The Point of View with Bernard Avle on Wednesday, March 19, Prof. Kpessa-Whyte disclosed that the Electricity Company of Ghana (ECG) accounted for GHC10 billion of the losses, while Ghana Water Company Limited (GWCL) recorded a GHC3 billion shortfall.
“10 SOEs with the most assets recorded an aggregate net loss of GHC11 billion in the financial year 2023, which surpasses the total loss of all 53 SOEs. ECG alone accounted for GHC10 billion,” he stated.
Despite these challenges, Prof. Kpessa-Whyte acknowledged that some SOEs have maintained profitability over the years. He listed Bui Power Authority, ESLA PLC, Ghana Gas, Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company as consistently profitable entities that have paid dividends to the state from 2019 to 2023.
“It’s not all bad news. The best-performing SOEs include Bui Power Authority, ESLA PLC, Ghana Gas, Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company. From 2019 to 2023, they have consistently made profits and contributed dividends to the state,” he noted.
His remarks have intensified discussions about the need for urgent reforms in the SOE sector to improve financial performance and operational efficiency.
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