Finance Minister Dr. Cassiel Ato Forson has raised significant concerns about the financial and operational challenges faced by Ghana’s state-owned enterprises (SOEs) and joint venture companies.
Speaking at the National Economic Dialogue on March 3, 2025, Dr. Forson highlighted the dire financial situation of these entities and called for urgent restructuring to ensure their sustainability.
He emphasized, “almost all state-owned enterprises are in the red. From ECG to the ADB, almost all of them are in the red.”
Dr. Forson clarified that, the financial situation of COCOBOD, which reported a profit of GHS2.2 billion in 2023 was artificial.
He indicated that, profit was stemming from a debt suspension that allowed COCOBOD to avoid servicing its debt.
“In fact, beginning from the year 2021, 2022, and 2023, you will see that COCOBOD posted a profit of GHS2.2 billion in the year 2023. This is artificial profit”.
Dr. Forson underscored the need for immediate restructuring of SOEs and joint ventures to address their financial woes and ensure long-term viability.
He pointed out that the operational and financial risks faced by these entities require collective action and innovative approaches.
“SOEs and joint venture companies are showing mounting operational and financial risks”.
