SOE profit at GH¢19.8bn: I call it a miracle, but it’s not operational efficiency – Dr Atuahene

Banking and Corporate Governance Consultant Dr Richmond Atuahene has raised doubts over the financial success claimed by Ghana's State-Owned Enterprises (SOEs). According to the latest SIGA report, SOEs made a net profit after tax totaling GH¢19.80 billion in 2025, a stark contrast to the GH¢2.25 billion loss the previous year. Revenue also grew by 28.12% to GH¢176.43 billion, while profit before interest and tax surged to GH¢25.49 billion.

The report credits part of this improvement to enhanced revenue and a sharp rise in foreign exchange earnings. Yet, Dr Atuahene is skeptical, referring to the figures as a "miracle," not a testament to improved operational efficiency. He argues that the SOEs' enhanced performance cannot be simply attributed to foreign exchange gains.

"If you're driven by foreign exchange gains by 60%, you're not talking about efficiency," he said. Dr Atuahene believes the real test for SOEs' efficiency will come when the cedi weakens, potentially leading to a significant financial hit. He also expressed concern over the SOEs' mounting debt, with total liabilities reaching GH¢281.99 billion.

The ECG alone owes GH¢82.31 billion, which could pose a serious challenge to Ghana's economy if the cedi depreciates. Dr Atuahene warned that persistent SOE weaknesses could eventually jeopardize the entire nation's economic stability. He emphasized the need for reforms of SOEs, as required by the International Monetary Fund. However, he also questioned whether profit alone should be the benchmark for evaluating the performance of enterprises delivering essential public services.

"Produce the figures, talk about profit, but the reality, like Professor said, what is the output?" he asked. He pointed out the poor quality of services often provided by these enterprises despite their declared profits. Dr Atuahene stressed the importance of adopting appropriate metrics to measure the effectiveness of Ghana's SOEs.