Ghana: State owned enterprises record ¢670.4m profit in 2019 – State Ownership Report

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The 2019 State Ownership Report has stated that State owned institutions registered ¢670.4 million profit in 2019.

According to the report, State Owned Enterprises and Joint Venture Companies recorded losses, but Other State Owned Enterprises registered profits.

Whilst, State Owned Enterprises and Joint Venture Companies recorded losses of ¢586.9 million and ¢2.3 billion respectively, Other State Owned Enterprises registered a profit of ¢3.59 billion.

Financial, Communication and Agriculture sectors registered profit, whereas Infrastructure, Energy, Transportation, Manufacturing and Governance recorded losses.

Over the five-year review period, SOEs’ revenue has been trending upwards, increasing from a little above ¢13.65 billion in 2015 to about ¢28.56 billion in 2019.

SOEs posted combined revenues of ¢28.565 billion in 2019, representing an increase of 18.60% over that of 2018 performance of ¢24.085 billion.

Similarly, JVCs, recorded a 17.37% rise in revenue, from ¢38.787 billion in 2018 to ¢45.52 billion in 2019.

However, SOEs direct costs in 2019 amounted to ¢20.944 billion, representing a 19.05%, over the 2018 outturn. JVCs, on the other hand, recorded a 15.38% (¢4.426 billion) rise in direct cost from ¢28.780 billion in 2018 to ¢33.206 billion in 2019.

The top 10 State Owned Enterprises by net profit were led by the Volta River Authority and Ghana National Petroleum Corporation.

The Electricity Company of Ghana, VRA and GNPC led the top 10 companies with respect to revenue. Again ECG, VRA and GNPC led the top 10 SOEs by liabilities.

It is notable that the net loss outturn of SOEs was moderated by net valuation gains of a little above ¢2.99 billion reported by Ghana Re, ECG, VRA and Cocoa Marketing Company.


58 out of the 175 specified entities provided employment data in 2019.

These entities consist of 27 SOEs, 10 JVCs and 21 OSEs.

The 58 entities employed a total of 56,436 personnel in 2019.

The 27 SOEs and 21 OSEs employed total of 28,881 and 15,638 personnel. The 10 JVCs however employed 11,917 personnel.

Dividend/Surplus Receipts

An amount of ¢85.07million was projected as dividend/surplus receipts from specified entities in 2019.

However, total amount of dividend received was ¢61.50 million representing a performance of 72.30%. The below par performance was mainly on account of a substantial decrease in dividend received from mining companies.

The dividend contribution of mining companies decreased significantly by 99.95% from ¢112.07 million in 2018 to ¢0.051 million in 2019 due to declining profitability.

The 2019 edition of the State Ownership Report covered 106 entities out of 175, representing approximately 61 percent.

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