Bright Simons, Honorary Vice President of IMANI Africa, has publicly challenged the State Interests and Governance Authority’s (SIGA) reported GHS 19.8 billion combined net profit for Ghana’s state-owned enterprises (SOEs) in 2025. He asserts that these headline figures are misleading, primarily driven by currency-related gains rather than genuine operational improvements.
SIGA’s 2025 State Ownership Report highlighted the GHS 19.8 billion net profit as a significant improvement. This figure marked a sharp turnaround from a GHS 2.26 billion combined net loss recorded by SOEs in 2024. The report also indicated total revenue for SOEs rose by 28.12%, from GHS 137.64 billion in 2024 to GHS 176.43 billion in 2025.
This dispute over SOE performance is crucial for Ghana’s economic narrative, especially as the government seeks to improve public finances and reduce reliance on external aid. The performance of SOEs directly impacts the national budget through subsidies, dividends, and potential liabilities. Accurate reporting is vital for investor confidence and effective policy-making in a country navigating economic recovery.
Mr. Simons, a policy analyst, stated on X that the reported figures were “bizarre.” He argued that removing the impact of currency movements paints a less favorable picture of the state-owned sector’s performance. He emphasized that underlying profitability actually declined in 2025.
The implications of Mr. Simons’ analysis are significant for how Ghana assesses its public sector efficiency. If currency revaluations are indeed masking operational weaknesses, policymakers must re-evaluate strategies for SOE reform. Investors and rating agencies will closely watch for clarity on the true financial health of these critical state assets.
Mr. Simons provided specific figures to support his claim. He stated that without currency effects, net profit fell by 17.1% between 2024 and 2025. Operating profit also declined by 22.7% during the same period. Furthermore, the operating margin narrowed by three and a half percentage points.
He contrasted SIGA’s reported shift from a GHS 2.26 billion loss in 2024 to a GHS 19.8 billion profit in 2025. However, he countered that actual profit, excluding currency revaluations, fell from GHS 9.75 billion to GHS 8.08 billion. This represents a substantial decline, not an improvement, in underlying performance.
This debate highlights the importance of transparent financial reporting, especially for state-owned entities. Misleading figures can create a false sense of economic progress. They can also deter necessary reforms within these enterprises. Ghana’s economic stability depends on robust and accurate data.
The State Interests and Governance Authority is responsible for overseeing and improving the performance of SOEs. Its reports are key indicators of public sector financial health. A challenge to its findings by a respected policy think tank like IMANI Africa demands careful scrutiny.
This situation underscores the need for a deeper dive into the accounting methodologies used by SOEs. It also calls for independent verification of financial results. Ensuring that reported profits reflect genuine operational efficiency is paramount. This is particularly true for entities that consume significant public resources.
The government and financial markets will now be looking for a response from SIGA. They will also seek further clarification on the factors contributing to SOE profitability. Understanding the true picture of SOE performance is critical for Ghana's long-term economic planning. It also affects the country's fiscal sustainability and attractiveness to investors.