SOEs recorded GH¢2.61 billion loss in 2020 – State Ownership Report

State-Owned Enterprises (SOEs) recorded a GH¢2.61 billion loss in 2020, the 2020 State Ownership Report has found.

The loss represents a 49.2 percent improvement on the 2019 aggregate net loss of GH¢5.16 billion recorded by the 47 SOEs.

The report also indicates that the aggregate revenue outturn for the 47 SOEs captured, surged by nearly 20 percent from 2019’s performance of GH¢37.91 billion to GH¢45.23 billion in the financial year 2020.


The report also found that SOEs generated a total aggregate revenue of GH¢45,230.48 million in 2020, up 19.30 percent on the 2019 figure of GH¢37,912.80 million.

The increase followed the pattern of revenue growth since 2016 (GH¢28,548.77 million) when revenue grew by a CAGR of 10.99 percent.

Three out of the seven sectors namely; communications, transportation and manufacturing sectors, experienced a decline in total revenue between 2019 and 2020 while the infrastructure sector achieved the highest growth rate of 41.48 percent (from GH¢1,059.08 million to GH¢1,498.40 million), followed by the financial sector with a growth rate of 28.81 percent (from GH¢3,059.80 million to GH¢3,941.62 million).

The energy sector came in third with 27.94 percent (from GH¢20,433.02 million to GH¢26,142.53 million).

In terms of sectoral contribution, the energy sector accounted for majority of the revenue, generating 57.80 percent of the total revenue made by SOEs in FY2020. In contrast, the manufacturing sector generated a comparatively lower revenue of GH¢ 156.93 million (0.34 percent) among the sectors in 2020.

At the entity level, four SOEs – ECG (GH¢13,796.38 million), COCOBOD (GH¢ 10,741.444 million), VRA (GH¢4,045.81 million) and GNPC (GH¢3,562.78 million) – accounted for 71.38 percent of total revenue of the entire SOE sector.

Nine SOEs reported revenue of over GH¢ 1 billion each.

Assets and liabilities

Total assets of SOEs stood at ¢171.632 billion, whilst aggregate liabilities recorded was ¢119.5 billion in 2020.

In comparison to 2019, the asset base grew by 15.12% with liabilities rising at a higher pace of 22.47%. Non-current assets accounted for approximately 65.81% of total assets.

The report found that the increase in total liabilities between 2019 and 2020 was mainly due to a 17.69 percent increase in the energy sector’s liabilities (from GH¢59,347.84 million to GH¢69,847.52 million) and the financial sector (from GH¢13,385.30 million to GH¢20,078.19 million).

Over half (58.43 percent) of total liabilities were held by the energy sector, while the financial and agricultural sectors accounted for 16.80 percent and 13.03 percent, respectively.

The communications sector had the lowest liabilities in the sector, which was GH¢113.08 million in FY2020. ECG (GH¢22,268.77 million), COCOBOD (GH¢15,232.62 million) and GNPC (GH¢11,350.96 million) had the highest liabilities in the sector.

Read the entire report below;