SOE profits must reflect real efficiency, not just numbers – Dr Atuahene

Ghana's State-Owned Enterprises (SOEs) have reported a major profit turnaround for 2025, with a consolidated net profit after tax of GH¢19.8 billion, up from a net loss of GH¢2.25 billion in the previous year. The sector's revenue also increased by 28.12% from GH¢137.64 billion to GH¢176.43 billion. However, Dr Richmond Atuahene, a Banking and Corporate Governance Consultant, has cautioned against celebrating these figures without examining whether they reflect genuine operational efficiency.

Atuahene argues that the reported improvements must be backed by sustainable changes in how the SOEs operate. He questions whether the profits are merely driven by short-term gains, rather than fundamental operational improvements. Atuahene believes that Ghana needs to have a broader national conversation about which state-owned entities remain crucial and which might be better removed from government ownership.

Despite the profit turnaround, the latest SIGA report shows that some SOEs still face persistent losses, while only a few entities paid dividends to the government. Atuahene emphasizes that these recurring concerns highlight the need for deeper reforms within the SOE sector, rather than simply relying on headline financial figures.