SOEs in financial and allied services lead growth, SIGA report reveals

State-Owned Enterprises (SOEs) in the Financial and Allied Services sector have been identified as the top performers in revenue growth for the 2024 fiscal year.  

This was disclosed in the newly released State Ownership Report (SOR) from the State Interests and Governance Authority (SIGA).  

The report, a critical resource for policymakers and the public, provides a comprehensive analysis of the financial and operational performance of Ghana’s Specified Entities (SEs).  

 While the overall SOE sector recorded a significant 28.30 per cent  revenue increase to GH¢133.68 billion, the Financial and Allied Services sub-sector grew by  49.52 per cent.   

The energy sector followed with an improved revenue growth of 38.98 per cent for the year 2024.   

This robust performance contributed to the overall operational recovery of the SOE sector, which saw a Profit Before Interest and Tax (PBIT) rebound to GH¢1.57 billion in FY2024.   

This marks a turnaround from the GH¢9.62 billion loss recorded in FY2022.  

However, the report highlighted a persistent challenge of  a deepened net loss of GH¢9.67 billion for the sector as a whole.   

This was primarily attributed to excessive finance costs, which amounted to GH¢9.39 billion, effectively eroding all operational profits.  

Source: GNA  

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