SOEs, JVCs and OSEs post Ghs 226 billion liabilities for 2019 – Finance Ministry
State Owned Enterprises (SOEs), Joint Venture Companies (JVCs) and Other State Entities (OSEs) for the year 2019 recorded total liabilities of Ghs 226 billion.
This is per the State Ownership Report released by the Ministry for Finance.
Per the report, SOEs accounted for Ghs 82.7 billion (37%) of the total liabilities with JVCs and OSEs accounting for Ghs 61.9 billion (27%) and Ghs 82.1 billion (36%) respectively.
In terms of total assets recorded for the year under review, the 106 SOEs, JVCs and OSEs monitored by the Ministry, posted assets value of Ghs 308 billion.
SOEs, JVCs and OSEs posted assets value of Ghs 137 billion (45%), Ghs 80.2 billion (26%) and Ghs 90.4 billion (29%) respectively.
Aggregate turnover and net profit posted for the period under review by SOEs, JVCs and OSEs, the Finance Ministry notes in its report, amounted to Ghs 93.1 billion and Ghs 670 million respectively.
The State Ownership Report initiated by the Ministry in 2017 forms part of government’s strategy to reform and improve governance and financial performance of state owned enterprises (SOEs).
This initiative is intended to shed light on the performance of SOEs and improve transparency and accountability in the SOE sector, the potential of which the State is yet to fully leverage to support the national development process.
The 2019 State Ownership Report covers one hundred and six (106) entities made up of forty-seven (47) SOEs, twenty-seven (27) Joint Venture Companies (JVCs), and thirty-two (32) Other State Entities (OSEs).
Per the 2019 report, SOEs and JVCs reported net losses of GH¢1.3 billion and GH¢2.3 billion respectively in 2019.