SOEs record ¢2.61 billion loss in 2020, but encouraging signs ahead – Report
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Loading... - Moses Ohene
- 06 Apr 2022
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State Owned Enterprises (SOEs) recorded ¢2.61 billion loss in 2020, according to the 2020 State Ownership Report.
This however represents nearly 50% improvement over the 2019 aggregate loss of ¢5.16 billion.
This the Finance Minister, Ken Ofori-Atta, is calling for more urgent and collective work to address these losses.
According to the report, SOEs’ combined revenue increased by 19.30%, from ¢37.912 billion in 2019 to ¢45.23 billion in 2020.
With the exception of communications and transportation, all other sectors recorded improved revenue in 2020 relative to 2019.
On the other hand, direct costs incurred by SOEs collectively in 2020 was however ¢32.9 billion, representing a 12.65% increase from ¢29.213 billion in 2019.
The energy and agricultural sectors were the main contributors, accounting for over 80% of aggregate direct costs of SOEs in FY2020.
Total assets of the SOEs portfolio however stood at ¢171.632 billion, whilst aggregate liabilities recorded was ¢119.5 billion in 2020.
In comparison to 2019, the asset base grew by 15.12% with liabilities rising at a higher pace of 22.47%. Non-current assets accounted for approximately 65.81% of total assets. Read More...
