Former Minister for State Enterprises Joseph Cudjoe has called for Ghana’s State Interests and Governance Authority (SIGA) to withdraw and reissue its 2025 State Ownership Report. This demand follows significant discrepancies found between reported figures and audited accounts of state-owned enterprises (SOEs).
The call for a reissue stems from a GHS 7 billion difference in the aggregate loss reported for SOEs in 2024. The 2024 State Ownership Report initially recorded a loss of GHS 9.68 billion, while the 2025 report cited the corresponding 2024 loss as GHS 2.26 billion. This substantial variance raises questions about the accuracy of the financial data presented.
This situation highlights ongoing challenges in financial reporting and oversight within Ghana's public sector. Accurate reporting on SOE performance is crucial for public finance management and investor confidence. The government relies on these reports to assess the health of state-owned entities, which play a significant role in the national economy. Previous administrations have focused on improving SOE accountability and financial transparency.
Speaking on the Asaase Breakfast Show on Tuesday, September 1, Cudjoe stated, “If the deviation from what has been reported in the 2025 SOR is significant, then we can issue an amended one to reflect the audited outcomes.” He stressed that material changes to previously reported figures must be properly reconciled. He also recommended SIGA withdraw the current report and issue a revised version based on audited outcomes.
The implications of this discrepancy are far-reaching for Ghana’s economic stability and public trust. Decision-makers will closely watch how SIGA addresses these concerns, potentially impacting future policy on SOE governance. Markets and international partners will also scrutinize the government's commitment to financial transparency and accountability. A reissued report based on verified data could restore confidence in the financial health of Ghana's state-owned sector.
Cudjoe also questioned whether some figures used for individual SOE performance were based on audited accounts. He specifically cited the Ghana Cocoa Board (COCOBOD), noting its financial year runs from October 1 to September 30. This differs from the standard January-to-December period, requiring careful consideration when interpreting its performance data. He argued that production and pricing decisions from previous administrations could influence reported annual performance.
He cautioned against attributing reported performance entirely to the administration in office when results were captured. Cudjoe defended reforms under the previous New Patriotic Party administration to strengthen SOE oversight. He noted the expansion of enterprises covered by the State Ownership Report and increased performance contracts. He also highlighted improvements in the number of institutions submitting audited accounts.
Cudjoe credited the previous administration with establishing SIGA under the State Interests and Governance Authority Act, 2019 (Act 990). He also mentioned strengthening parliamentary oversight of state-owned enterprises. He argued that reported improvements in SOE financial positions reflect a longer-term process. He cited a reduction in reported losses from GHS 14.4 billion to GHS 2.56 billion in 2023 as evidence of this positive trend. Cudjoe believes the 2025 report requires deeper institutional-level scrutiny. This scrutiny should use audited accounts to determine if improvements are sustainable operational gains or influenced by accounting treatments and external factors.