48 out of 130 entities owned by government have failed to submit their 2018 financial statements to the Ministry of Finance for auditing, the 2018 State Ownership Report has revealed.
They included eight State Owned Enterprises (SOEs), 24 Other State Entities (OSEs) and 16 Joint Venture Companies (JVCs).
Five entities were not expected to submit any financial statement since they began operations in 2018.
According to the report, the 77 entities that submitted their accounts were made up of 36 State Owned Enterprises (SOEs), 16 Other State Entities and 25 Joint Venture Companies.
The report further said 36 out of the 48 SOEs (75%) submitted financial statements for 2018, with 15 of them (41.67%) being audited financial statements.
25 out of 42 JVCs (59.59%) submitted their 2018 financial statements. 20 of them, representing 80% were audited financial statements.
Out of the 40 OSEs, 16 of them (40%) submitted financial statements for 2018, with nine of them (56.25%) being audited financial statements.
Meanwhile, the financial performance of 77 enterprises owned by the government were mixed.
Whiles Joint Venture Companies (JVCs) posted impressive financial results achieving an aggregate net profit of GHS1.35 billion in 2018 from a net loss position of GHS272.22 million in 2017, the performance of State-Owned Enterprises (SOEs) further deteriorated in 2018 culminating in a combined net loss of GHS3.12 billion.
Both SOEs and JVCs posted marginal increases of 7.35% and 2.48% respectively in revenue.
However, the ability of the JVCs to keep their costs down compared with their SOEs counterparts accounted for their contrasting bottom line results, the report explained.
Source:MyNewsGh.com
