Ghana’s state-owned enterprises (SOEs) are experiencing significant financial distress, with major institutions such as the Electricity Company of Ghana (ECG) and the Agricultural Development Bank (ADB) reporting substantial losses, as disclosed by Finance Minister Dr. Cassiel Ato Forson.
During the launch of the 2025 National Economic Dialogue in Accra, he emphasized that the ongoing financial strain within the public sector is unsustainable and called for urgent reforms to prevent further economic decline. “The energy sector alone is costing the economy nearly 2% of GDP annually, with ECG struggling to recover revenue, collecting only 62% of the energy it distributes,” he stated.
Additionally, COCOBOD, the regulatory body for Ghana’s cocoa industry, is facing debts amounting to GHS 32.5 billion. This situation has been worsened by declining production, smuggling, and ineffective pricing policies. Cocoa output has decreased by nearly 50% over the past three years, deepening the crisis further.
The two-day dialogue, held at the Accra International Conference Centre, has gathered government officials, economic experts, business leaders, and civil society groups to discuss strategies for economic recovery. The outcomes from these discussions will influence the 2025 National Budget, which is scheduled to be presented on March 11, as stakeholders look for bold policy measures to tackle Ghana’s fiscal challenges.
