Highlights
- Revenue Growth: SOEs saw a 28% revenue increase to 133.68 billion cedis, but net losses deepened to 9.68 billion cedis.
- Profit Turnaround: Joint ventures earned 1.51 billion cedis, led by mining successes.
- Employment: 75,330 workers across 152 entities, with gender gaps (75% male in SOEs).
- Climate Efforts: 48 entities invested in green projects, including 302.5 million cedis in water upgrades.
- Dividends: Government received 1.05 billion cedis, up sixfold.
- Challenges: High liabilities (281.94 billion cedis for SOEs) and fiscal risks persist.
A new report sheds light on the mixed fortunes of the country’s state-owned enterprises (SOEs), joint ventures, and other public entities.
The 2024 State Ownership Report, released by the State Interests and Governance Authority (SIGA), paints a picture of resilience and challenge, detailing how these 152 entities—employing over 75,000 people—contribute to growth while grappling with financial strain.
The report, spanning 420 pages, tracks the performance of SOEs like the Electricity Company of Ghana and Ghana Water Company, alongside joint ventures in mining and agriculture, and agencies such as the National Health Insurance Authority.
Overview
Despite a 28% jump in revenue to 133.68 billion Ghanaian cedis ($9.5 billion), SOEs posted a staggering net loss of 9.68 billion cedis, worsened by hefty interest payments.
Joint venture companies, especially in mining, turned a profit of 1.51 billion cedis, a bright spot fueled by gold exports.
Other state entities, including regulatory bodies, cut their deficit by nearly 69% to 2.40 billion cedis, thanks to better internal funding. Together, these organizations manage assets worth 777.71 billion cedis—about 42% of Ghana’s GDP—highlighting their economic heft.
Employment
Employment remains a key focus. With 37,930 workers in SOEs, 10,751 in joint ventures, and a similar number in other entities, the sector supports livelihoods across energy, farming, and transport.
| Category | Total Employees | Inferred Sector Distribution (Entities) | Estimated Employees by Sector (Rough Approximation) |
|---|---|---|---|
| State-Owned Enterprises (SOEs) | 37,930 | Energy (7), Financial & Allied (10), Agriculture (12), Transport (7), Others (16) | Energy: ~5,100, Financial & Allied: ~7,300, Agriculture: ~8,700, Transport: ~5,100, Others: ~11,730 |
| Joint Venture Companies (JVCs) | 10,751 | Energy (1), Financial & Allied (7), Agriculture (6), Transport (2), Others (14) | Energy: ~358, Financial & Allied: ~2,508, Agriculture: ~2,151, Transport: ~717, Others: ~5,017 |
| Other State Entities (OSEs) | 37,930* | Energy (5), Financial & Allied (5), Agriculture (3), Transport (3), Others (52) | Energy: ~2,794, Financial & Allied: ~2,794, Agriculture: ~1,676, Transport: ~1,676, Others: ~28,990 |
| Total | 75,330 |
Yet, gender gaps persist: men hold 75% of SOE jobs, while women are better represented in joint ventures at 33%. The report urges more inclusive hiring, noting that 80% of entities now have gender policies.
Climate Investing and Challenges
Climate efforts also shine. Nearly half the entities invested in green projects, like water upgrades worth 302.5 million cedis, aligning with national climate goals.
Dividends to the government soared to 1.05 billion cedis, a sixfold increase, offering a financial lifeline amid fiscal consolidation efforts.
Still, challenges loom. High liabilities—281.94 billion cedis for SOEs alone—pose risks, with unpaid subsidies and arrears straining the budget.
SIGA calls for reforms, including performance contracts now covering 70 entities, to stem losses and boost efficiency.
This article was edited with AI and reviewed by human editors
