Vice President of IMANI Africa, Bright Simons, has publicly challenged the State Interests and Governance Authority’s (SIGA) portrayal of the financial performance of Ghana’s state‑owned enterprises (SOEs). He argued that the data presented in SIGA’s 2025 State Ownership Report do not substantiate its claim of a “massive” turnaround.
According to SIGA, SOEs recorded a combined net profit after tax of GH¢19.8 billion in 2025, a stark contrast to the GH¢2.25 billion net loss reported in 2024. The report also showed total revenue rising from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025. However, Simons said the headline figures mask underlying performance issues.
Speaking on JoyNews’ Newsfile on Saturday, September 5, Simons noted that the report’s presentation creates an impression of a sudden and unprecedented transformation after years of losses. He pointed out that the number of entities reporting profits actually declined, and dividends paid fell by about 45 % compared with the previous year.
“If you follow SIGA’s account, this is what happened. We were constantly making losses all the way back from 2017, and then miraculously, as a group, they made a profit of 19.8 billion,” he said. He added that only two entities – Ghana Reinsurance Company and TDC – paid dividends during the period under review.
Simons warned that SIGA risks misleading the public by including gains and other factors that are not directly attributable to the operational performance of the entities. He cited foreign‑exchange movements and improved financing conditions as examples of external factors that could inflate reported figures without reflecting better management.
“General improvement in the economy is not something you can attribute to Cocoa Board or GNPC. They are not responsible,” Simons said. He urged that the focus should be on the operating performance of individual SOEs, such as the Ghana Cocoa Board, Ghana National Petroleum Corporation, Consolidated Bank Ghana and GCB Bank.
SIGA maintains that the 2025 figures demonstrate a substantial improvement in the financial performance of Ghana’s state‑owned enterprises. Its report covered 162 specified entities, including 53 SOEs, 36 joint‑venture companies and 73 other state entities. The 2025 State Ownership Report was published on August 28, 2026.
Simons concluded that the debate should move beyond the headline profit and examine what actually drove the reported improvement, and whether those gains can be attributed to better management and operational performance by the state‑owned enterprises.
