State-owned enterprises (SOEs) in Ghana are drowning in debt, with their financial burdens exceeding a staggering GH₵200 billion, according to a JoyNews investigation.
Key institutions such as the Electricity Company of Ghana (ECG), COCOBOD, and the Volta River Authority (VRA) continue to struggle under mounting debts, with no clear path to recovery.
At the National Economic Dialogue on March 2, Finance Minister Dr. Cassiel Ato Forson expressed grave concerns over the financial health of these state-owned entities. He revealed that almost all of them are currently operating at a loss.
“Almost all state-owned enterprises are in the red, almost all of them are in the red,” Dr. Forson remarked, highlighting the poor financial performance of key institutions like ECG and the Agricultural Development Bank (ADB). He stressed the urgent need for reforms to prevent further economic deterioration and to stabilize these crucial public institutions.
Dr. Forson’s statements underscore the growing financial crisis facing Ghana’s SOEs and the necessity for substantial reforms to reverse their declining fortunes.
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