Ghana’s State-Owned Enterprises (SOEs) collectively recorded a significant net profit after tax of GHS 19.8 billion in 2025. This marks a substantial improvement from a net loss of GHS 2.25 billion reported in 2024.
Despite this impressive financial turnaround, Banking and Corporate Governance Consultant Dr. Richmond Atuahene has cautioned against premature celebrations. He argues that the reported gains may not stem from genuine operational efficiency within these state-owned entities. Dr. Atuahene insists that sustainable changes in how SOEs operate must underpin any financial improvements.
This development follows the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA). The report highlighted a 28.12% increase in sector revenue, rising from GHS 137.64 billion to GHS 176.43 billion. Profit before interest and tax also climbed to GHS 25.49 billion. SIGA attributed these positive shifts partly to stronger performances in agriculture, manufacturing, and infrastructure sectors. Improved foreign exchange earnings and a 42.49% reduction in finance costs also contributed to the improved figures.
Dr. Atuahene, speaking on Joy News’ PM Express, emphasized the need for a national conversation about SOE strategy. He questioned whether the profits were truly driven by fundamental operational improvements. He stated, “My comment is that we need to sit down as a country and begin to take a critical look of the SOEs.” He further stressed that Ghana must address structural problems rather than repeatedly celebrating short-term financial upticks.
The consultant’s remarks underscore a persistent challenge within Ghana’s public sector. The recurrence of these concerns, he noted, points to the necessity for deeper reforms. These reforms should go beyond headline financial figures. They must include a clear distinction between strategically important SOEs and those that could be removed from government ownership. The SIGA report itself acknowledged that some SOEs continued to incur losses, and only a limited number paid dividends despite the sector's overall return to profitability. This indicates ongoing vulnerabilities across the state enterprise sector, suggesting that the GHS 19.8 billion profit does not represent universal success. Decision-makers and markets will closely watch how the government responds to calls for structural reforms and improved accountability. The long-term sustainability of SOE performance hinges on addressing these underlying efficiency issues. This will impact public finance and Ghana's broader economic stability.