State-Owned Enterprises (SOEs) in the Financial and Allied Services sector emerged as the top performers in revenue growth for the 2024 fiscal year, according to the newly released State Ownership Report (SOR) by the State Interests and Governance Authority (SIGA).
The report, which provides a detailed review of the financial and operational performance of Ghana’s Specified Entities (SEs), revealed that while the overall SOE sector recorded a 28.3 per cent increase in revenue, rising to GHS133.68 billion, the Financial and Allied Services sub-sector grew by an impressive 49.52 per cent.
The energy sector also posted strong revenue growth, expanding by 38.98 per cent, contributing to an overall operational recovery for SOEs. Profit Before Interest and Tax (PBIT) for the sector rebounded to GHS1.57 billion in FY2024, marking a notable improvement from the GHS9.62 billion loss recorded in FY2022.
Despite these gains, the report highlighted a continuing challenge: the sector as a whole posted a net loss of GHS9.67 billion, largely due to excessive finance costs totaling GHS9.39 billion, which effectively offset operational profits.
The SOR underscores both the strengths and vulnerabilities of Ghana’s SOE landscape, highlighting the resilience of financial and energy enterprises while calling attention to the need for better financial management to curb escalating debt costs.
SIGA emphasized that the findings would inform policy decisions aimed at strengthening governance, enhancing operational efficiency, and ensuring long-term sustainability of state-owned enterprises.
