SIGA Publishes 2024 State Ownership Report

The 2024 State Ownership Report reveals mixed performance, highlights the need for sustained reforms, and enhanced accountability.

The State Interests and Governance Authority (SIGA) on Friday, 29th August 2025, unveiled the 2024 State Ownership Report (SOR), offering a comprehensive and nuanced analysis of the financial and operational performance of Ghana’s Specified Entities (SEs). The ninth instalment in this critical series, and the fourth published by SIGA since its inception in 2019, the report serves as a vital resource for policymakers, stakeholders, and the public, providing data-driven insights to inform dialogue on the future of State-Owned Enterprises (SOEs), Joint Venture Companies (JVCs), and Other State Entities (OSEs).

“Through rigorous analysis and data-driven insights, we aim to inform stakeholders and drive meaningful dialogue around the future of our State-Owned Enterprises, Joint Venture Companies (JVCs), and Other State Entities (OSEs), ensuring they fulfil their potential as catalysts for economic growth and public service,” stated Prof. Michael Kpessa-Whyte, Ag. Director-General of SIGA.

Key Highlights from the 2024 State Ownership Report

1. Overall Performance of Specified Entities (SEs)

• The 2024 SOR covers 152 out of 175 approved SEs, an increase of 5 entities from the previous year, demonstrating expanded oversight. These include 54 SOEs, 30 JVCs, and 68 OSEs.
• Improvement in financial reporting: A total of 73 financial statements used in the report underwent external audit processes (53 audited, 20 audit drafts), a marginal improvement from 62 in the previous edition. However, 79 (51.97%) were still submitted as management accounts.
• The average performance index for the 70 SEs evaluated under performance contracts was 3.152 (on a 5-point scale), a 6.78% improvement over FY2023, indicating increased awareness of efficiency among participating SEs. This improvement was largely driven by gains in dynamic effects, projects, and efficiency/productivity dimensions, though financial and corporate governance dimensions saw a decline.

2. Financial Performance of State-Owned Enterprises (SOEs)

• Revenue Growth: The SOE sector recorded significant total revenue growth of 28.30%, reaching GHS133.68  billion in FY2024 from GHS104.19 billion in FY2023. Key drivers included the Energy (38.98% growth) and Financial & Allied Services (49.52% growth) sub-sectors.
• Operational Recovery: The sector demonstrated steady gains in operational efficiency over three fiscal years, with Profit Before Interest and Tax (PBIT) recovering to GHS1.57 billion in FY2024 from a recovery of GHS376.93 million in FY2023 (FY2022: -GHS9.62 billion).
• Deepened Net Loss due to Finance Costs: Despite operational gains, the sector closed FY2024 with a deepened net loss of GHS9.67 billion, compared to –GHS7.14 billion in FY2023. This was primarily due to excessive finance costs of GHS9.39 billion, which eroded all operational profits.
• Asset and Liability Growth: Total SOE assets grew by 22.52% to GHS395.20 billion in FY2024, with ECG, VRA, and GNPC being the top contributors. Total liabilities also surged by 24.20% to GHS281.94 billion, with ECG alone accounting for GHS71.00 billion.
• Persistent Underperformance and Fiscal Risks: Five SOEs—Ghana Cylinder Manufacturing Co. Ltd, GNPA Ltd, Ghana Water Company Ltd, Graphic Communication Group Company, and Tema Oil Refinery—consistently reported losses over the FY2020-FY2024 period, posing significant fiscal risks to the Government.  Mounting debts of ECG and Ghana Water Limited (GWL), and COCOBOD’s challenges continue to undermine overall progress.
• Consistent Profit Makers: Nine SOEs, including GPHA, Bui Power Authority (BPA), Ghana National Gas Company (GNGC), and BulkEnergy Storage & Transportation Company(BOST), demonstrated uninterrupted profitability over the five-year period.
• Dividends: Three SOEs, Ghana Reinsurance Company Ltd, TDC Company Ltd, and State Housing Company Ltd (for the first time in three decades) paid dividends totaling GHS29.36 million to the government in FY2024, a 78.88% appreciation from FY2023.

3. Financial Performance of Joint Venture Companies (JVCs)

• Net Profit Recovery: The JVC sector (excluding Minority Interest) witnessed a significant recovery, moving from a loss of GHS1.33 billion in FY2023 to record GHS1.51 billion net profits in FY2024, representing over a 213.77% increase.
• Asset Growth: Total JVC assets grew by 39.86% to GHS71.89 billion in FY2024.
• Minority Interest JVCs: These entities also surpassed previous performance, recording a massive net profit of GHS24.88 billion in FY2024, significantly higher than GHS1.64 billion in FY2023.
• Dividend Contributions: Minority-Interest Companies were the largest contributors to total dividends, paying GHS1.03 billion in FY2024, representing 91% of total dividend receipts.

4. Financial Performance of Other State Entities (OSEs)

• Reduced Net Deficit: OSEs reported a net deficit of GHS2.40 billion in FY2024, a 68.86% decrease from -GHS7.72 billion in FY2023.
• Asset and Liability Increase: Total OSE assets increased by 60.15% to GHS310.62 billion, while total liabilities rose by 41.83% to GHS323.17 billion.
• Negative Accumulated Fund: The OSE sector still recorded a negative accumulated fund of -GHS12.54 billion, primarily driven by the Bank of Ghana’s negative equity of GHS58.62 billion.

5. Macroeconomic Context and Fiscal Risks

• Ghana’s economy recorded stronger-than-expected GDP growth of 5.7% in FY2024, inflation  marginally elevated to 23.8%, and the Cedi stabilised. Capital markets rebounded, with the GSE Composite Index increasing by 56.2%.
• Despite these gains, fiscal performance deteriorated, with the overall deficit widening to 7.9% of GDP, driven by high interest costs and expenditure pressures.
• The public debt rose to GHS726.70 billion but improved relative to GDP (61.8%) due to debt restructuring efforts, including the completion of the Eurobond restructuring in FY2024.
• Government commitments, including outstanding loan guarantees of GHS3.15 billion and on-lent loans of GHS14.73 billion, pose significant fiscal risks. Payments for contingent liabilities arising from PPP agreements amounted to US$100.1 million in FY2024.

6. Legal and Policy Reforms

• State Ownership Policy and Code of Corporate Governance for Specified Entities and Public Organisations in Ghana: In 2024, two key policy instruments, the State Ownership Policy and the Code of Corporate Governance, were launched to institutionalise good governance across public organisations.
• Ghana Shippers’ Authority Act 2024 (Act 1122): This new legislation strengthens GSA’s regulatory mandate and introduces transparency in port fees, aiming to position Ghana as a regional transit trade channel.
• Cessation of ESLA Bond Program: ESLA Plc wound up its bond program in 2024, transferring GHS3.03 billion in unutilised funds to the Ministry of Finance.

7. Investments and Divestments

• Ghana National Gas Company acquired Ghana Cylinder Manufacturing Company, a strategic move to enhance efficiency and production.
• The Ghana Stock Exchange (GSE) surpassed the GHS400,000 million mark in value, indicating renewed investor confidence.
• Commissioning of the GOIL–SMB Bitumen Processing Terminal (USD40 million).
• Ghana Nuclear Power Initiative: Nuclear Power Ghana signed an agreement to deploy NuScale’s VOYGR-12 Small Modular Reactor (SMR) technology by 2030.
• Launch of the Jomoro Petroleum Hub Development, projected to cost USD12 billion and create 780,000 jobs by 2036.
• The Government approved the sale of assets of 17 defunct entities, with two already disposed of.

8. Climate Smart Initiatives and Investments (CSIIs)

• Reporting on CSIIs declined by 18% in FY2024, with only 27 SOEs reporting activities, down from 33 in FY2023. This highlights a need for continuous capacity building and clearer indicators.
• Of the 44 reported CSIIs, 82% were mitigation-inclined (reducing GHG emissions), while only 18% were adaptation-inclined (building resilience to climate impacts).
• SEs face significant physical, transition, and liability risks related to climate change, though specific cost information for physical risks was not provided.

9. Gender Assessment in Specified Entities

• Total SE workforce: 99,091 in FY2024, with 70.33% male and 29.67% female (a marginal increase in female representation from 28.53% in FY2023).
• Female representation in Executive Management (28.23%) and Board Membership (25.87%) remains below the 30% threshold required by the Affirmative Action (Gender Equity) Act, 2024 (Act 1121). OSEs, however, are slightly above the threshold for executive management.
• Youth representation (below 25) remains very low (2.61%) across all SEs. JVCs show a relatively older workforce, indicating potential succession challenges.
• Only 27.91% of SEs reported having a gender policy, and 33.33% have a code of ethics.

A Call for Urgent Action and Sustained Reforms

The Minister for Finance, Hon. Cassiel Ato Forson, acknowledged the operational weakening and debt burden of the SOE sector but emphasised the government’s commitment to an economic reset agenda. “The task ahead is immensely difficult, given the dismal nature of the 2024 performance… It is unequivocally the case that the expectations of the Ghanaian people are that SOEs must deliver and offer an attractive value proposition to Ghanaians as their shareholders”. He further urged SIGA to enforce stringent adherence to financial reporting timelines and penalize non-compliant SOEs.

The report underscores the imperative for sustained fiscal discipline, debt management, enhanced domestic revenue mobilisation, and structural reforms under the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG). A deep dive diagnostic study for poorly performing SOEs, part of the Public Financial Management for Service Delivery (PFM4SD) programme, cannot be delayed, aiming to unravel root causes of financial challenges and drive profitability. Prioritising dividend payments as a central objective is also crucial to signal financial health and foster accountability.

SIGA remains committed to its transformative agenda, collaborating with the Ministry of Finance to champion fiscal responsibility, financial transparency, and performance accountability within the SE landscape.