Finance Minister Dr. Cassiel Ato Forson has highlighted the financial struggles of state-owned enterprises under the Akufo-Addo administration, including unexpected losses by alcohol manufacturing companies.
Speaking at a meeting with SOE CEOs, Dr. Forson detailed the persistent losses recorded by key entities.
“The ECG, for example, has recorded consistent losses from the year 2021. In the year 2021, they made a loss of GHS1.46 billion, 2022, GHS8 billion, 2023 GHS5.96 billion,” he stated.
He also noted that the Ghana Grid Company lost GHS93.5 million in 2022 and GHS8.6 million in 2023.
Dr. Forson expressed particular surprise at the losses reported by GIHOC Distilleries, an alcohol manufacturing company.
“GIHOC Distilleries reported a loss of GHS25.1 million in 2022 and GHS25.5 million in 2023. Mr. President, this one surprises me. Even the alcohol-making company is making losses,” he remarked.
Additionally, the Graphic Communication Group recorded consecutive losses of GHS3 million in 2021, GHS4.4 million in 2022, and GHS15.1 million in 2023.
The Ghana Cocoa Board, the largest loss-making entity, reported significant losses of GHS2.4 billion in 2021 and GHS3.8 billion in 2022.
Credit: CNR