Civil society calls for govt action as state-owned enterprises grapple with mounting losses

State-Owned Enterprises (SOEs) in Ghana have come under scrutiny due to mounting financial losses, prompting calls for urgent government intervention to rectify the situation and restore public confidence.

At a press conference organized by the civil society organization United Voices for Change (UVC) in Kumasi, concerns were raised about the significant losses incurred by key SOEs such as the

Read full articleGhana Cocoa Board, Ghana Water Company Limited, Electricity Company of Ghana, and Ghana Airport Company Limited.

The convener of UVC, Slyvestine Ronald, presented alarming data highlighting the escalating losses suffered by these enterprises in recent years. For instance, the Ghana Cocoa Board recorded losses amounting to GHS 2.44 billion in 2021, while the Ghana Water Company Limited reported losses of GHS 2.6 billion during the same period.

Similarly, the Electricity Company of Ghana posted a loss of GH¢1.914 billion in 2021, reflecting a troubling trend of financial mismanagement within SOEs.

Professor Aziz, a lecturer at Kumasi Technical University (KsTU), emphasized the urgent need for action, noting that the combined losses of these enterprises represent a significant portion of the total losses incurred in the sector. He underscored the importance of addressing issues within SOEs to enhance their performance and contribute to the country's economic growth.

United Voices for Change called on the government to take decisive action by dismissing the CEOs of the implicated SOEs as a crucial first step toward restoring accountability and ensuring sustainable growth.

The organization highlighted the vital role that SOEs play in driving economic development, creating employment opportunities, and advancing infrastructure. By addressing financial mismanagement and promoting transparency and accountability, the government can bolster confidence in SOEs and facilitate their contribution to national development.