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

Ghana's State-Owned Enterprises (SOEs) have reported a significant improvement in their financial performance in 2025, with a consolidated net profit after tax of GH¢19.8 billion, compared to a net loss of GH¢2.25 billion in 2024. The State Interests and Governance Authority (SIGA) attributes this growth to performance gains in agriculture, manufacturing, infrastructure, improved foreign exchange earnings and a 42.49% reduction in finance costs.

However, Dr Richmond Atuahene, a Banking and Corporate Governance Consultant, has cautioned against celebrating these profit figures without verifying if they are a result of genuine operational efficiency. Dr Atuahene argues that while the reported profits might look impressive, they may not be driven by actual operational improvements.

He stresses that Ghana must address the underlying structural issues within the SOE sector rather than just focusing on short-term financial gains. Dr Atuahene emphasizes the need for a comprehensive national conversation about the strategic importance of state-owned entities and the potential need to divest from those that are not viable.

Despite the improvement in the sector's profitability, the SIGA report reveals that some SOEs still operate at a loss, and not all are paying dividends to the government, even as the sector as a whole returns to profitability.