2024 State Ownership Report shows mixed performance, need for sustained reforms, enhanced accountability
The State-Owned Enterprises (SOEs) recorded a significant total revenue growth of GH¢133.68 billion in 2024, according to the 2024 State Ownership Report (SOR) issued by the State Interest and Governance Authority (SIGA).
The 2024 SOR said the growth represents a 28.3 per cent increase from the 2023 figure of GH¢104.19 billion. The report revealed mixed performance, highlighting the need for sustained reforms and enhanced accountability.
This came to light on Wednesday at a forum organised by SIGA for Editors to brief them on the content of the report, while creating a platform for interactive discussion on the performance of SOEs, Joint Venture Companies (JVCs) and Other State Entities (OSEs) covered under the report.
The 2024 SOR report was presented by Eric Agyabeng, Team Lead and Head of Division for Performance Monitoring and Evaluation; Charles Nark Quayson and Fidelis Ankomah, both Technical Team Members.
The report, among others, identified the Energy, Financial and Allied Services sub-sectors as key drivers of the recent growth.
The Director General of SIGA, Professor Michael Kpassa Whyte, noted that “Through vigorous analysis and data-driven, we aim to inform stakeholders and drive meaningful dialogue around the future of our SOEs, Joint Venture Companies, and other SOEs ensuring they fulfil their potential as catalysts for economic growth and public service.”
“Let us together, that is SIGA, the media, and the good people of Ghana, use the report as a powerful tool of accountability, a springboard for reform, which is much needed in many of our state-owned enterprises, a beacon guiding our collective efforts towards building a vibrant, prosperous, and transparent Ghana we all envision.
“It is about ensuring that the sweat and toil of every Ghanaian citizen invested in these entities through taxes, patronage, through shared national pride yields dividends they rightfully deserve,” Prof Whyte added.
The D-G of SIGA said the report indicated the challenges that persisted and the areas where performance fell short of aspiration, where governance structures needed strengthening, where financial sustainability required bolder intervention, and where alignment with national development goals demands sharper focus.
According to the report, Financial & Allied Services recorded 49.52 per cent growth, followed by energy recording 38.98 per cent growth.
On operational growth, the report said the sector demonstrated steady gains in operational efficiency over three fiscal years, with Profit Before Interest and Tax (PBIT) recovering to GH¢1.57 billion in Full Year (FY) 2024 from a recovery of GH¢376.93 million in FY2023.
Despite operational gains, the report said the sector closed FY2024 with a deepened net loss of GH¢9.67 billion compared to GH¢7.14 billion in FY2023.
The report attributed the loss to excessive costs of GH¢9.39 billion, which eroded all operational profits.
The report, the fourth published by SIGA since its inception in 2019, serves as a vital resource for policy makers, stakeholders and the public, providing data-driven insights to inform dialogue on the future of SOEs, JVCs and OSEs.
Established by the SIGA Act, 2019 (Act 990), SIGA serves as the central oversight body responsible for managing the State’s interests in Specified Entities. Its mandate includes driving reforms, improving operational efficiency, and embedding sound corporate governance practices to align State Enterprises with national development priorities.
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