SOEs in Crisis: “Almost All Are in the Red,” Says Finance Minister
Finance Minister reveals alarming losses in SOEs, calls for urgent restructuring to prevent economic collapse.
- Nearly all state-owned enterprises are operating at a loss, including ECG and ADB
- GHS2.2 billion profit in 2023 was due to debt suspension, not real financial gains
- Government to implement restructuring measures to stabilize the economy
Finance Minister Dr. Cassiel Ato Forson has sounded the alarm over the precarious financial state of Ghana’s state-owned enterprises (SOEs) and joint venture companies.
Speaking at the National Economic Dialogue on Monday, March 3, he revealed that nearly all SOEs are operating at a loss, highlighting an urgent need for restructuring.
“Almost all state-owned enterprises are in the red—from ECG to ADB, the situation is dire,” Dr. Forson stated.
He also cast doubt on COCOBOD’s reported GHS2.2 billion profit for 2023, calling it “artificial” due to debt suspension, which merely delayed financial obligations rather than resolving them.
With policymakers and business leaders gathered at the Accra International Conference Centre, the dialogue’s outcomes are expected to influence Ghana’s economic strategy and the upcoming National Budget, as the government seeks solutions to stabilize the economy.
