Banking and Corporate Governance Consultant Dr Richmond Atuahene urged Ghana to scrutinise its state‑owned enterprises (SOEs) after a sharp rise in reported profits in 2025, arguing the figures may not reflect true operational efficiency.
How the Story Unfolded
Speaking on Joy News’ PM Express on Wednesday, Atuahene said the country must distinguish between strategically important state enterprises and those that could be removed from the government’s portfolio. He noted that the State Interests and Governance Authority (SIGA) reported a combined net profit after tax of GH¢19.8 billion for SOEs in 2025, up from a GH¢2.25 billion loss in 2024, while revenue rose 28.12 percent to GH¢176.43 billion.
However, the report highlighted uneven performance: five SOEs, including the Electricity Company of Ghana (ECG), recorded losses every year from 2021 to 2025. Atuahene warned that headline profits could be misleading, stating, “For me, the profit may look good, or people can say it, but is it driven by operational efficiency? Absolutely not.”
Call for Accountability and Structural Change
The consultant expressed concern that Ghana keeps revisiting the same challenges without making fundamental changes to the structure and management of SOEs. He recalled a discussion a year ago with Professor Bokpin, noting, “Last year, we sat here last year, I think myself, Professor Bokpin, and we discussed it, and just about a year, we are discussing the same thing.”
SIGA has called for stronger accountability, disciplined capital allocation and decisive action across the sector. The 2025 report also showed that Other State Entities recorded a net deficit of GH¢10.48 billion, while the government received only GH¢16 million in dividends from two SOEs.
What Happens Next?
Atuahene’s remarks come as the government prepares to decide which SOEs are strategically vital. The debate is expected to influence future policy on privatization and restructuring of state enterprises.
