We must take critical look at SOEs and shed non-strategic ones – Dr Atuahene
Banking and Corporate Governance Consultant, Dr Richmond Atuahene, has called for a critical review of Ghana’s state-owned enterprises (SOEs), warning that reported profits may not necessarily reflect improved operational efficiency.
Ghana's Banking and Corporate Governance Consultant, Dr. Richmond Atuahene, has urged the nation to conduct a thorough examination of state-owned enterprises (SOEs), cautioning that reported profits may not genuinely represent enhanced operational efficiency. The expert argued for a clear differentiation between strategically vital SOEs and those that could potentially be eliminated from the government's portfolio.
He made these remarks on Joy News' PM Express, following a report by the State Interests and Governance Authority (SIGA) highlighting a significant improvement in the financial performance of SOEs in 2025.
SIGA's 2025 State Ownership Report revealed that SOEs achieved a combined net profit after tax of GH¢19.8 billion, a stark contrast to the GH¢2.25 billion net loss reported in 2024. Revenue also rose by 28.12% to GH¢176.43 billion from GH¢137.64 billion. However, Dr. Atuahene emphasized that the report did not uniformly portray the sector's performance, with five SOEs, including the Electricity Company of Ghana (ECG), posting losses each year from 2021 to 2025.
He cautioned that the seemingly impressive profit figures must undergo rigorous scrutiny to determine if they are driven by genuine operational improvements.
The consultant expressed apprehension about Ghana's propensity to repeat the same challenges year after year without implementing fundamental changes to the structure and management of SOEs. He lamented that the country keeps revisiting the same issues, which leads to unnecessary worry. Dr. Atuahene recalled that the topic was already discussed a year ago, stressing the urgency for Ghana to move beyond these recurring discussions and make decisive decisions regarding the future of SOEs.
He highlighted that while SIGA has recommended stronger accountability, disciplined capital allocation, and decisive action, the 2025 report also showed that the broader category of Other State Entities incurred a net deficit of GH¢10.48 billion, and the government received only GH¢16 million in dividends from two SOEs. Dr. Atuahene believes that these latest figures should catalyze a comprehensive national dialogue about identifying which enterprises remain strategically essential and which should be reconsidered.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
