#ghanasoe

Debt Burden On COCOBOD Stands At GH¢12.30 bln (US$1.23 bln) – AG Report

The 2021 Auditor General’s Report has charged Ghana Cocoa Board (COCOBOD) to cut back on its increasing finance cost following the swelling indebtedness seen in the past years. The report noted that COCOBOD has relatively huge loans portfolio totalling ¢12.301 billion as of the end of the 2019/2020 financial year. “We urged management to deploy and implement effective plans and strategies that…

The profit after tax of The Bulk Oil Storage and Transportation Company (BOST) increased to Ghc164 million in 2021 from Ghc2 million Cedis in the year 2020. This implies that the profit after tax of the firm grew 82 times compared to the 2020 figure recorded. The growth has been described by financial experts and stakeholders as remarkable. Among other things, the    administrative expenses of…

The Electricity Company of Ghana (ECG) owes Independent Power Producers (IPPs) some US$900million for power bought. The arrears, accumulated between 2021 and this year according to the Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB), are causing IPPs to record huge forex and interest losses. “The problem is that looking at the free-fall of the cedi and the time…

Technical and commercial losses of about GH¢3.2billion are threatening the future of state-owned power utility, Electricity Company of Ghana (ECG) and the electricity value chain, says Energy Minister Dr. Matthew Opoku Prempeh. The company’s losses in current exchange terms amounts to over US$400million and stem from power theft, malfunctioning metres, obsolete infrastructure, ineffective…

The Public Interest and Accountability Committee (PIAC) has disclosed that the Government and State Institutions owe the Ghana National Petroleum Corporation (GNPC) over $300 million US dollars since 2011. According to PIAC, the nonpayment of this whopping sum of money by the government to GNPC is hampering the balance of the Corporation’s 2021 budget. “In its work programme for 2021, GNPC…

BOST Records GH¢291 mln (US$38 mln) Loss

The Bulk Oil Storage and Transportation (BOST) posted a loss of ¢291.02 million in 2020, according to the 2020 State Ownership Report. This represent a 186.97% increase on the net loss of ¢101.41 million recorded in 2019. Net profit margin was -44.81%, which represents an increase of 27.95 percentage points from the -17.05% recorded in 2019. Total revenue however increased by 9.19% from…

State Owned Enterprises (SOEs) recorded ¢2.61 billion loss in 2020, according to the 2020 State Ownership Report. This however represents nearly 50% improvement over the 2019 aggregate loss of ¢5.16 billion. This the Finance Minister, Ken Ofori-Atta, is calling for more urgent and collective work to address these losses. According to the report, SOEs’ combined revenue increased by 19.30%, from…

Deputy Finance Minister, John Kumah, has disclosed that about 50% of State-Owned Enterprises (SOEs) recorded GH¢5.3 billion in losses in their operations in the 2020 fiscal year, Joy News reported. According to the Minister some of the state-owned companies have been reluctant in submitting annual accounts since 2017. The Finance Ministry however says it will no longer support requests for…