Vice President of IMANI Africa, Bright Simons, has questioned the reported GH¢19.8 billion net profit recorded by Ghana’s state-owned enterprises (SOEs) in 2025.
The State Interests and Governance Authority (SIGA) described the figure as a major turnaround from the GH¢2.26 billion loss recorded in 2024, with total SOE revenue also rising by 28.12 per cent to GH¢176.43 billion.
However, Mr Simons argues that the headline figures do not reflect the underlying performance of the state-owned sector, as currency-related gains significantly boosted the 2025 results.
In a post on X, he said that excluding currency effects, net profit actually fell by 17.1 per cent, while operating profit declined by 22.7 per cent and the operating margin narrowed by 3.5 percentage points.
He said the adjusted figures show that profit declined from GH¢9.75 billion in 2024 to GH¢8.08 billion in 2025, rather than rising from a loss to GH¢19.8 billion in profit.
Mr Simons described SIGA’s reported figures as “bizarre” and cautioned against interpreting the results as evidence of a fundamental improvement in SOEs’ operational performance.
His comments have therefore raised questions about whether the sector’s reported return to profitability reflects stronger business operations or is largely the result of favourable currency movements.
