Browsing: State Owned Enterprises

GNPC must explain this financial performance at a time when it also spent GH₵200 million on ‘Corporate Social Responsibility’”, Bright Kwashie Dzokoto, a tax expert and a member of Tax Justice Coalition demanded. “This accountability-free regime must end.

The finance and energy expert, Alex Mould has, thus, summarised the liabilities of the major SOEs in the country to help in critical scrutiny of the performance of the SOEs. In the summary, it was clear that, most of the SOEs more than doubled their arrears payments or liabilities. The heavily indebted were GNPC, Ghana Cocoa Board (COCOBOD) and Electricity Company of Ghana (ECG). These companies have their liabilities exceeding GHC10.0 billion within a period of four years from 2016 to 2020.

According to the 2020 State Ownership Report, the SOEs recorded a GH¢2.61 billion loss in 2020, although that was about 50 percent better over the 2019 aggregate loss of ¢5.16 billion. This has pushed the Finance Minister, Ken Ofori-Atta, to call on the managements of the SOEs for more urgent and collective work to address these losses. But, the economist stressed on his advises that, some SOEs over the years have been saddled with debt over issues of mismanagement among others.