Professor Michael Kpessa-Whyte, Acting Director-General of the State Interests and Governance Authority (SIGA), disclosed that the 10 largest State-Owned Enterprises (SOEs) in Ghana collectively suffered a net loss of GHC11 billion in 2023. This significant financial setback surpasses the combined losses of all 53 SOEs in the country.
Prof. Kpessa-Whyte shared these figures during an appearance on Channel One TV’s The Point of View with Bernard Avle on March 19, 2025. He pointed out that the Electricity Company of Ghana (ECG) was the biggest contributor to the losses, accounting for GHC10 billion of the total loss. Additionally, the Ghana Water Company Limited (GWCL) recorded a GHC3 billion shortfall.
While these figures reflect the significant financial challenges facing Ghana’s SOEs, Prof. Kpessa-Whyte also acknowledged that some enterprises have been profitable. He highlighted organizations such as the Bui Power Authority, ESLA PLC, Ghana Gas, Ghana Infrastructure Investment Fund, TDC Company, and State Housing Company, which have consistently generated profits and paid dividends to the state from 2019 to 2023.
These remarks have sparked discussions around the need for immediate reforms in the SOE sector to improve their financial health and operational efficiency.
