State Owned Enterprises records Ghs2.61 billion in loses: Reports

State-Owned Enterprises (SOEs) recorded GH¢2.61 billion loss in 2020, according to the 2020 State Ownership Report. This however represents nearly 50% improvement over the 2019 aggregate loss of GH¢5.16 billion.

The Finance Minister, Ken Ofori-Atta, is calling for more urgent and collective work to address these losses. According to the report, SOEs’ combined revenue increased by 19.30%, from GH¢37.912 billion in 2019 to GH¢45.23 billion in 2020.

With the exception of communications and transportation, all other sectors recorded improved revenue in 2020 relative to 2019. On the other hand, direct costs incurred by SOEs collectively in 2020 was however ¢32.9 billion, representing a 12.65% increase from GH¢29.213 billion in 2019.

GOVERNMENT'S REVENUE

The Government of Ghana also received GH¢275.48 million as dividends from State-Owned Enterprises (SOEs) in 2020, the 2020 State Ownership Report has revealed.

This represents a shortfall of GH¢15.46 million, compared to the target, but far higher than the dividend paid in 2019. Dividends paid in 2020 represented an increase of 164.96 percent, about GH¢171.51 million, over that of 2019.

The improved dividend payment was mainly on account of an increase in the contribution of the Minority Interests portfolio, particularly the mining sector, which paid GH¢224.77 million as dividends to government in 2020. This is compared to GH¢38.48 million in 2019.