SOE profit at GH¢19.8bn: ‘I call it a miracle, but…’ – Dr Atuahene

Dr Richmond Atuahene, a banking and corporate governance consultant, has raised doubts about the financial turnaround reported by Ghana's State-Owned Enterprises (SOEs). The State Interests and Governance Authority (SIGA) revealed that SOEs recorded a combined net profit of GH¢19.80 billion in 2025, up from a net loss of GH¢2.25 billion the previous year.

Revenue for SOEs grew by 28.12% to GH¢176.43 billion, while profit before interest and tax reached GH¢25.49 billion. The report credited this performance to higher revenues and improved foreign-exchange earnings, which saw a shift from a GH¢12.01 billion loss in 2024 to a GH¢11.72 billion gain in 2025. Finance costs also decreased by 42.49%.

However, Dr Atuahene cautioned that the reported profits may not fully reflect the true operational efficiency of the SOEs. He highlighted the significant impact of foreign exchange gains and suggested that these should not be the sole basis for judging efficiency. Dr Atuahene stressed that when the cedi weakens, the true economic implications of the SOEs' performance could become apparent, potentially leading to broader economic issues.

He also expressed concerns over the high debt levels of SOEs, with total liabilities amounting to GH¢281.99 billion, with Electricity Company of Ghana (ECG) alone responsible for GH¢82.31 billion.

The consultant emphasized the need for a more comprehensive evaluation of SOEs, suggesting that financial profit alone may not be an adequate measure of performance, especially for enterprises delivering essential public services. Dr Atuahene pointed out that despite financial gains, citizens continue to face challenges such as unreliable electricity and water supply.

He questioned the metrics used to assess SOE performance and called for a more holistic approach that considers the quality of services provided to the public.