Ghana's State-Owned Enterprises (SOEs) achieved a consolidated net profit after tax of GHS 19.8 billion in 2025. This marks a substantial financial turnaround from a net loss of GHS 2.25 billion recorded in 2024. The sector's revenue also saw a significant increase, rising by 28.12% to GHS 176.43 billion from GHS 137.64 billion.
Despite these impressive figures, Banking and Corporate Governance Consultant Dr. Richmond Atuahene has cautioned against premature celebration. He argues that the reported gains must reflect genuine operational efficiency, not just improved financial numbers. Dr. Atuahene emphasizes the need for sustainable changes in how these state-owned entities operate to ensure long-term viability and impact.
This financial performance comes after the State Interests and Governance Authority (SIGA) reported the major turnaround. The 2025 State Ownership Report highlighted these improvements. The SOE sector's profit before interest and tax also rose to GHS 25.49 billion. This positive shift is crucial for Ghana's public finances, which have faced significant pressure in recent years. The government relies on SOEs to contribute to national development and revenue generation.
SIGA attributed the improved performance to several factors. These include stronger contributions from agriculture, manufacturing, and infrastructure sectors. Additionally, improved foreign exchange earnings played a role. A 42.49% reduction in finance costs also contributed to the positive financial results. These factors collectively helped reverse the previous year's losses.
Dr. Atuahene, however, believes the figures alone do not confirm increased efficiency. He questioned whether the profits were driven by fundamental operational improvements. "My comment is that we need to sit down as a country and begin to take a critical look of the SOEs," he stated. He stressed the importance of distinguishing between strategic and non-strategic entities within the SOE portfolio. This distinction could guide decisions on future ownership and management.
The consultant argued that Ghana must address structural problems within the SOE sector. Simply celebrating short-term improvements without tackling underlying issues is not sustainable. "If you are not driven by operational efficiency, you can’t continue like that," Dr. Atuahene warned. He pointed out that similar concerns have been raised in previous years, indicating a recurring problem.
The SIGA report itself reveals ongoing vulnerabilities despite the overall profit. It noted that some SOEs continued to record persistent losses. Furthermore, only a limited number of entities paid dividends to the government. This suggests that the benefits of the sector-wide profitability are not evenly distributed. It also indicates that many SOEs still struggle to generate returns for the state.
For Dr. Atuahene, the recurrence of these issues highlights the need for deeper reforms. Relying solely on headline financial figures can be misleading. A comprehensive national conversation is necessary to determine the strategic importance of each SOE. This discussion should also identify which entities could potentially be removed from government ownership. Such reforms aim to foster genuine efficiency and long-term financial health across the sector. The government must ensure that these state assets truly serve the national interest effectively.