Vice President of IMANI Africa, Bright Simons, has challenged the State Interests and Governance Authority’s (SIGA) reported GH¢19.8 billion net profit for Ghana’s state-owned enterprises (SOEs) in 2025.
According to Mr Simons, the headline profit figure does not fully reflect the underlying financial performance of the state-owned enterprises because of the impact of currency movements and revaluations.
SIGA reported in its 2025 State Ownership Report that covered SOEs recorded a combined net profit of GH¢19.8 billion in 2025, a significant improvement from the GH¢2.26 billion net loss recorded in 2024.
The authority also reported a substantial increase in revenue, with total revenue generated by the covered SOEs rising by 28.12%, from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
However, Bright Simons argues that the reported profit increase should be treated with caution.
In a post on X, the policy analyst described the figures as “bizarre” and argued that currency-related gains had significantly influenced the reported results.
He said that when the effects of currency movements are removed, the financial performance of the SOEs tells a different story.
“State-owned businesses’ underlying profitability declined in 2025. You heard that right.”
According to Mr Simons, underlying net profit fell by 17.1%, while operating profit declined by 22.7% between 2024 and 2025.
He also said the operating margin narrowed by 3.5 percentage points over the same period.
