Professor Michael Kpessa-Whyte, Acting Director-General of the State Interests and Governance Authority (SIGA), has revealed that Ghana’s 10 largest State-Owned Enterprises (SOEs) recorded a combined net loss of GHC11 billion in the 2023 financial year.

This figure surpasses the total losses recorded by all 53 SOEs, raising concerns over the financial health of key state institutions.

In an interview on Channel One TV, Prof. Kpessa-Whyte disclosed that the Electricity Company of Ghana (ECG) alone accounted for GHC10 billion of the losses, while the Ghana Water Company Limited (GWCL) posted a GHC3 billion shortfall.

“10 SOEs with the most assets recorded an aggregate net loss of GHC11 billion in 2023, which surpasses the total loss of all 53 SOEs. ECG alone accounted for GHC10 billion,” he stated.

Despite these financial setbacks, he noted that some SOEs have consistently remained profitable.

He cited Bui Power Authority, ESLA PLC, Ghana Gas, the Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company as entities that have maintained profitability and paid dividends to the state from 2019 to 2023.

“It’s not all bad news. The best-performing SOEs include Bui Power Authority, ESLA PLC, Ghana Gas, Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company. From 2019 to 2023, they have consistently made profits and contributed dividends to the state,” he noted.

His remarks have reignited calls for urgent reforms in the SOE sector to improve financial sustainability and operational efficiency.