SIGA’s GH¢19.8bn SOE profit claim misleading – Bright Simons

Vice President of IMANI Africa, Bright Simons, has disputed the State Interests and Governance Authority's (SIGA) claim of a GH¢19.8 billion net profit for Ghana's state-owned enterprises (SOEs) in 2025. SIGA's 2025 State Ownership Report showcased a 28.12% increase in total revenue from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025, alongside a notable reversal from a GH¢2.26 billion combined net loss in 2024.

1. The announcement of SIGA's report came after SOEs were reported to have achieved significant profits in 2025. 2. The figures were portrayed as a dramatic turnaround following years of losses. 3. Bright Simons questioned the credibility of the headline numbers, emphasizing that currency-related gains significantly impacted the 2025 results.

According to Simons, removing the impact of currency movements reveals a less impressive outlook of the SOEs' performance. He described the reported figures as "bizarre" and argued that the apparent profitability improvement was primarily driven by currency revaluations rather than stronger operational performance. Simons stated that when currency effects are excluded from the analysis, net profit fell by 17.1% and operating profit dropped by 22.7% between 2024 and 2025.

He warned that SIGA's headline figures might give the impression that SOEs moved from substantial losses in 2024 to substantial profitability in 2025. Simons argues that this conclusion is significantly altered when currency revaluations are not considered. He pointed out that, indeed, if currency revaluations were ignored, profit declined from GH¢9.75 billion in 2024 to GH¢8.08 billion in 2025, marking a 17.1% decrease.

Simons' remarks consequently challenge the interpretation of the 2025 State Ownership Report, questioning whether the return to profitability signifies a genuine enhancement in the operational performance of Ghana's SOEs or is largely attributable to advantageous currency movements.