Ato Forson reveals state enterprises making gargantuan losses under Akufo-Addo's government

Finance Minister Dr. Cassiel Ato Forson has shed light on the financial struggles of state-owned enterprises (SOEs) under the previous Akufo-Addo-Bawumia administrations.

Addressing a meeting with SOE CEOs, Dr. Forson said 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 further disclosed that the Ghana Grid Company recorded losses of GHS93.5 million in 2022 and GHS8.6 million in 2023.

Dr. Forson expressed shock over the financial troubles of GIHOC Distilleries, a state-run alcohol production 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.

The Graphic Communication Group was also affected, reporting losses of GHS3 million in 2021, GHS4.4 million in 2022, and GHS15.1 million in 2023.

Meanwhile, the Ghana Cocoa Board, the most loss-making entity, recorded GHS2.4 billion in losses in 2021 and GHS3.8 billion in 2022.

Following the revelation, President John Dramani Mahama has threatened to dismiss CEOs of SOEs whose institutions continue to make losses.

He also threatened to either merge or shut down SOEs that continue to make losses.