Report shows joint ventures earned GHC1bn profit and SOEs recorded GHC3bn loss
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Report shows joint ventures earned GHC1bn profit and SOEs recorded GHC3bn loss

- A 2018 report has revealed the performance of 77 State-Owned Enterprises (SOEs) and Joint Ventures (JVs) in Ghana

- It showed that SOEs recorded a GHC3.12bn loss while joint ventures posted GHC1.35bn profit

- The report covered 36 SOEs, 16 Other State Entities (OSEs) and 25 JVCs

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A 2018 report has revealed the earnings and losses recorded by 77 State-Owned Enterprises (SOEs) and Joint Ventures (JVs) in Ghana.

This was made up of 36 SOEs, 16 Other State Entities (OSEs) and 25 JVCs.

It has been gathered that for the year in question, SOEs recorded a GHC3.12bn loss while joint ventures posted GHC1.35bn profit.

READ ALSO: Oil prices rise above $40 for the first time after 30% fall

According to the 2018 State Ownership Report, JVs posted the profit after recording a loss of GHC272.22 million a year earlier.

Per a report by classfmonline.com, SOEs, however, deteriorated in performance.

YEN.com.gh understands that both SOEs and JVCs posted marginal increases of 7.35% and 2.48% respectively in revenue.

The report pointed out that the ability of the JVCs to limit their costs, compared with the SOEs, led to the difference in results.

The Minister of Finance, Ken Ofori-Atta, indicated that “it is against this background that my Ministry is working closely with the State Interests and Governance Authority (SIGA) and other stakeholders to carry forward ongoing policy reforms aimed at ensuring the efficient and effective achievement of the state’s objectives regarding its ownership interests in SOEs, Other State Entities (OSEs,) and JVCs.”

In other news, YEN.com.gh has learned that the state-owned Agricultural Development Bank (ADB) recorded a drop of 36% in profit level in the First Quarter of the year 2020.

The 2020 Q1 result of GHC13.3 million was, therefore, lesser than the GHC20.826 million recorded during the same period in 2019.

This was revealed in the statement filed to the Ghana Stock Exchange (GSE).

READ ALSO: Mahama failed to properly plan for Ghana's oil and gas sector - Minister

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Source: Yen.com.gh

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