Finance Minister Warns of Ghana’s Failing State-Owned Enterprises, Calls for Urgent Reforms
Accra, Ghana – March 3, 2025
Ghana’s state-owned enterprises (SOEs) are in critical financial distress, and immediate reforms are necessary to prevent further economic decline, Finance Minister Dr. Cassiel Ato Forson has cautioned.
Speaking at the National Economic Dialogue in Accra, Dr. Forson painted a grim picture of SOEs, revealing that most of them, including the Electricity Company of Ghana (ECG) and the Agricultural Development Bank (ADB), are deeply in debt.
“SOEs and joint venture companies are showing mounting operational and financial risk. Almost all state-owned enterprises are in the red,” he stated.
COCOBOD’s “Artificial” Profit
Dr. Forson also addressed reports that the Ghana Cocoa Board (COCOBOD) posted a profit of GH₵2.2 billion in 2023, calling it misleading.
“This profit is because they failed to service their debt due to the debt suspension… The debt still exists, and we need to take action to restructure most of the SOEs,” he explained.
Path to Economic Stability
With Ghana’s economy under strain, the National Economic Dialogue—held at the Accra International Conference Centre—has brought together policymakers, economists, business leaders, and civil society organizations to develop urgent recovery strategies.
The government is expected to integrate key recommendations from the dialogue into the National Budget, with a focus on:
✅ Restructuring SOEs to enhance efficiency and profitability.
✅ Addressing financial mismanagement in key public institutions.
✅ Implementing economic stabilization measures to boost investor confidence.
✅ Reducing debt burdens and ensuring sustainable fiscal policies.
With the nation’s economic future at stake, stakeholders are pushing for bold and decisive reforms to stabilize SOEs and restore growth.
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