Ghana’s State‑Owned Enterprises (SOEs) reported a consolidated net profit after tax of GH¢19.8 billion in 2025, up from a net loss of GH¢2.25 billion the year before, according to the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA). The sector’s revenue rose 28.12% to GH¢176.43 billion, while profit before interest and tax climbed to GH¢25.49 billion.
How the Figures Were Achieved
SIGA attributed the turnaround to stronger performances in agriculture, manufacturing and infrastructure, improved foreign‑exchange earnings and a 42.49% cut in finance costs. However, the report noted that some SOEs still posted losses and only a few paid dividends to the government.
Dr Atuahene’s Caution
Banking and Corporate Governance Consultant Dr Richmond Atuahene said on Joy News’ PM Express that “the profit may look good or people can say it, but is it driven by operational efficiency? Absolutely not.” He urged a national conversation about which state‑owned entities remain strategically important and which could be divested.
What Comes Next?
Dr Atuahene calls for deeper reforms to address structural problems within the SOE sector rather than celebrating short‑term financial gains. The sector’s return to profitability, he argues, should prompt a review of operational practices and strategic relevance.
