Ghana SOEs Generate GH₵133.7M Revenue Amid Rising Operational Costs
Ghana's state-owned enterprises post GH₵133.68M revenue in 2024, showing 28.3% growth despite operational challenges. Energy sector leads while agriculture struggles amid currency depreciation.
Ghana State Interests and Governance Authority (SIGA) headquarters showcasing latest SOE performance report
Ghana's state-owned enterprises (SOEs) achieved a significant revenue milestone of GH₵133.68 million in 2024, marking a 28.3% growth from the previous year. However, as revealed in the latest State Interests and Governance Authority (SIGA) report, mounting operational expenses have consumed nearly all gains, leaving just GH₵1.6 million in financial buffer.
Revenue Growth vs. Operational Challenges
The performance of Ghana's 54 SOEs mirrors the broader economic challenges facing the nation, similar to those discussed during recent global economic discussions. The 27.8% depreciation of the cedi in 2024 significantly impacted enterprises with foreign currency exposure, echoing concerns raised by economic development experts.
Energy Sector Dominance
The energy sector emerged as the powerhouse of SOE performance:
- Total revenue: GH₵82.7 million
- ECG contribution: GH₵36.2 million
- GNPC contribution: GH₵20.2 million
Agricultural Sector Faces Headwinds
The agricultural sector experienced significant challenges, with revenues declining 21.3% to GH₵16.5 billion. This downturn, particularly affecting COCOBOD, has sparked discussions about economic resilience similar to those raised during recent business leadership forums.
Financial and Transport Sectors Show Promise
The financial services cluster demonstrated remarkable growth:
- Revenue growth: 49.5% to GH₵21.2 million
- Key contributors: Ghana Road Fund, GETFund, Ghana Reinsurance
- Transport sector: 57.4% revenue increase to GH₵9.4 million
Manufacturing and Infrastructure Progress
Manufacturing showed impressive growth with a 76.2% revenue increase to GH₵428 million. Meanwhile, the infrastructure sub-sector achieved cost efficiency by reducing operating expenses by 40% while maintaining revenue growth.
Edwin Gyimah
Ghanaian journalist, covering African affairs for the past 10 years.