The report as presented doesn't paint accurate picture of affairs at state-controlled businesses - Bright Simons on SIGA report

The Vice President of IMANI Africa, Bright Simons, has criticized the State Ownership Report issued by the State Interests and Governance Authority (SIGA) for inaccuracies and flawed conclusions. Simons claims that the report does not accurately depict the financial performance of state-controlled businesses in Ghana. He highlights several discrepancies in the report, including the publication of the net loss for 2023 in three different amounts and the portrayal of a "significant financial turnaround" in 2025 that is contradicted by other data.

Simons argues that the report fails to account for currency fluctuations and other factors that significantly impact the profitability of state-owned enterprises (SOEs). Despite the SOE sector's revenue increasing by 28.12% to GH¢176.43 billion in 2025, the report incorrectly states that SOEs broke a four-year cycle of consolidated net losses and achieved a net profit after tax of GH¢19.80 billion.

Simons' analysis reveals that, when adjusting for currency effects, the net profit for SOEs actually fell by 17.1% from 2024 to 2025. He concludes that the report's claims of a turnaround are misleading and that a closer examination reveals a more nuanced and less favorable picture of the SOE sector's financial health.