State-Owned Enterprises (SOEs) recorded financial management irregularities of approximately GH¢18.6 billion in 2024, raising concerns about the financial risks their operations pose to government, according to a new International Monetary Fund (IMF) Technical Assistance Report.
The report, titled Advancing SOE Fiscal Risks Management, Financial Oversight, Governance, and Investment Implementation, draws on findings from the 2024 Report of the Auditor-General.
Outstanding debtors and loans accounted for the largest share of the irregularities, totalling GH¢12.54 billion. The amount represents overdue receivables and funds that remain outstanding.
Cash irregularities amounted to GH¢4.58 billion and included unsupported payments and revenues that were not properly accounted for.
The Auditor-General also identified contract irregularities of about GH¢871.82 million, procurement irregularities of GH¢335.27 million, payroll irregularities of GH¢191.6 million, tax irregularities of GH¢77.06 million and stores irregularities of GH¢4.5 million.
IMF warns of fiscal risks
The IMF warned that persistent financial weaknesses among strategically important SOEs could increase government’s fiscal exposure, particularly where entities carry significant liabilities or continue to record losses.
The Fund has therefore called for stronger financial oversight and governance of SOEs.
It recommended better coordination between the Ministry of Finance and the State Interests and Governance Authority (SIGA), as well as improved monitoring of investments by state-owned enterprises.
