State-Owned Enterprises record GH¢9.68 billion loss in 2024 — SIGA report

A joint loss was recorded by the State-Owned Enterprises (SOEs) in Ghana after a tax of GH¢9.68 billion in the 2024 financial year. This  represents a 35.44 percent decline. It is also relative to the GH¢7.14 billion loss posted in 2023.

35 companies recorded profit out of the assessed 54 SOEs but the total net margin of the sector decreased all the way from 7.20 percent in 2023 to 6.9 percent in 2024 as per the 2024 State Ownership. The the State Interests and Governance Authority (SIGA) disclosed the report on the 15 October, 2025 in Accra.

This annual report gives a thorough evaluation of the financial standing of State-Owned Enterprises (SOEs), Joint Venture Companies (JVCs), and other public sector organizations during the last administration.

Professor Michael Kpessa-Whyte, the Director-General of SIGA, termed the report as a product of “relentless scrutiny, rigorous analysis, and unwavering dedication” by his team. Professor Michael Kpessa-Whyte said the commitment by the institution was fulfilled  through transparency and accountability in managing  the collective assets of Ghana.

Professor Michael Kpessa-Whyte stated that “This report represents a covenant fulfilled to the people of Ghana — to shed an honest light on how their resources are being managed.”

Stronger collaboration was called for by Professor Michael Kpessa-Whyte between the media and SIGA. He emphasized that journalists play an important role in breaking down detailed financial report and also make sure the public understands how state assets are utilized.  He stated that “You are the interpreters and amplifiers — the trusted voices who translate financial metrics into narratives that connect with the public and inspire accountability.”

According to the report, there were mixed outcomes across key sectors. Consistent profitability was maintained by the transport and logistics sub-sector during the last five years, while the energy sector showed a 12.36 percent which shows a better financial performance declining from GH¢9.51 billion in 2023 to GH¢8.34 billion in 2024.

Within the petroleum and related services sector, BOST, GNPC, and Ghana Gas posted profits, whereas the Tema Oil Refinery (TOR) continued to record losses.

The generation of power and distribution organizations such as the Electricity Company of Ghana (ECG), Ghana Grid Company (GRIDCo), Northern Electricity Distribution Company (NEDCo) and the Volta River Authority (VRA) incurred losses, with the Bui Power Authority (BPA) standing out as the only profitable entity.

The report shows a serious concerns of how the sector is debt burden, showing that State-Owned Enterprises (SOEs) had to pay total finance costs of GH¢9.40 billion, close to six times more than the total profit before interest and a tax of GH¢1.57 billion was recorded in 2024.

The report emphasized that “This means that for every GH¢1 of operating profit generated, an additional GH¢4.97 was required to service finance costs.” The high cost of finances were mainly caused by  the GH¢3.64 billion of  Ghana Water Company Limited and GH¢1.88 billion of  COCOBOD  which added up to nearly 59 percent of the total financial expenses of the sector.

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