Ghana’s state-owned enterprises (SOEs) are struggling to stay afloat, with debts exceeding a staggering GH₵200 billion.
A JoyNews investigation has revealed that key SOEs, including the Electricity Company of Ghana (ECG), COCOBOD, and the Volta River Authority (VRA), are accumulating heavy financial burdens with no clear path to recovery.
Speaking at the National Economic Dialogue on Monday, March 2, Finance Minister Dr. Cassiel Ato Forson painted a bleak picture of the financial health of Ghana’s SOEs. “Almost all state-owned enterprises are in the red, almost all of them are in the red,” he remarked, highlighting the poor financial performance of key institutions such as ECG and the Agricultural Development Bank (ADB).
Dr. Forson emphasized the urgent need for reforms to prevent further economic deterioration. The situation is dire, with SOEs struggling to operate efficiently due to mismanagement and lack of accountability.
The minister’s concerns are echoed by experts, who warn that the debt burden of SOEs poses a significant risk to Ghana’s economic stability.
The government has been urged to take bold steps to address the issue, including implementing reforms to improve the management and governance of SOEs. With the debt burden of SOEs continuing to rise, it remains to be seen whether the government will take decisive action to prevent a crisis.
Source: Apexnewsgh.com
