Declared SOE surpluses must be measured against performance – Noah Adamtey Esq

Noah Adamtey, a private legal practitioner, has criticized the celebration of declared surpluses by State-Owned Enterprises (SOEs) in Ghana, asserting that such surpluses must be compared against actual performance and efficiency. Speaking at a panel discussion, Adamtey emphasized that financial statements alone are not enough to indicate good corporate governance or value for money.

He pointed out that many SOEs have historically operated at a loss, exceeding their budget allocations and relying on government support, which has burdened taxpayers.

Adamtey called for a robust benchmarking system to evaluate the performance of SOE leaders and to identify entities that are not performing effectively. He stressed that accountability should extend beyond financial metrics to encompass service delivery, innovation, job creation, and contributions to national development. This perspective was highlighted in the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA) on August 30, 2026, which reported a net profit of GH¢19.80 billion for Ghana's SOEs in 2025, marking a reversal from four years of losses, including a GH¢2.25 billion loss in 2024.

Despite this improvement, driven by growth in agriculture, manufacturing, infrastructure, and better foreign exchange earnings, SIGA cautioned that some gains were due to favorable exchange rates and non-recurring factors, prompting questions about the sustainability of these improvements. Adamtey underscored that merely looking at profits is insufficient; instead, a thorough forensic examination of operational efficiency, cost management, and leadership effectiveness is necessary for SOEs to serve as genuine engines of economic growth.