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.