Ghana’s State-Owned Enterprises (SOEs) recorded a strong revenue performance in 2024, posting a 28.3 percent increase in total earnings, according to the 2024 Annual State Ownership Report released by the State Interests and Governance Authority (SIGA).

The report, unveiled in Accra on October 15, 2025, revealed that total revenue across the SOE sector reached GH¢133.68 billion in 2024, up from GH¢104.19 billion the previous year.

SIGA attributed the growth largely to robust performances in key sub-sectors. The Energy sub-sector grew by 38.98 percent, while the Financial and Allied Services sub-sector expanded by an impressive 49.52 percent.

The report also highlighted notable improvements in operational efficiency. Profit Before Interest and Tax (PBIT) rose sharply to GH¢1.57 billion in 2024, compared to GH¢376.93 million in 2023. This marks a significant turnaround from 2022, when the sector recorded a PBIT loss of GH¢9.62 billion.

Despite these operational gains, the sector’s overall financial performance remained under strain. The SOE sector ended 2024 with a net loss of GH¢9.67 billion, a deterioration from the GH¢7.14 billion loss recorded in 2023.

According to SIGA, the continued losses were primarily due to high finance costs, which totaled GH¢9.39 billion in 2024 — effectively offsetting operational profits.

Speaking at the report’s presentation, Director-General of SIGA, Professor Kpessa Whyte, explained that the 2024 assessment captures the financial activities of SOEs and other state entities under the previous administration.

He emphasized that the findings would inform ongoing reforms aimed at enhancing transparency, accountability, and operational efficiency within Ghana’s state-owned enterprises.

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