Minister of Finance, Dr. Ato Forson
Finance Minister Dr. Cassiel Ato Forson has disclosed how some state-owned enterprises (SOEs) struggled during the Akufo-Addo administration, including unanticipated losses incurred by businesses that manufacture alcohol.
Speaking at a meeting with SOE CEOs, Dr. Forson highlighted how some key institutions persistently recorded losses.
“For example, the Electricity Company of Ghana (ECG) has reported consistent losses since 2021. In 2021, it made a loss of GHS1.46 billion. In 2022, the loss increased to GHS8 billion, and in 2023, it stood at GHS5.96 billion,” he stated.
He also noted that the Ghana Grid Company (GRIDCo) lost GHS93.5 million in 2022 and GHS8.6 million in 2023.
Dr. Forson expressed surprise at the losses incurred by the alcohol production company GIHOC Distilleries.
“GIHOC Distilleries reported a loss of GHS25.1 million in 2022 and GHS25.5 million in 2023. Mr. President, this one surprises me. Even an alcohol-making company is making losses,” he was quoted as saying by citinewsroom.com.
Furthermore, the Graphic Communications Group recorded successive losses of GHS3 million in 2021, GHS4.4 million in 2022, and GHS15.1 million in 2023.
The Ghana Cocoa Board (COCOBOD), the largest loss-incurring institution, reported significant losses of GHS2.4 billion in 2021 and GHS3.8 billion in 2022.
KA
