Bright Simons disputes SIGA report on Ghana state-owned enterprise profits

Bright Simons, Vice President of IMANI Africa, has challenged the accuracy of the State Ownership Report issued by Ghana’s State Interests and Governance Authority (SIGA). The report claims that the state-owned enterprise (SOE) sector achieved a major financial turnaround in 2025, reporting a combined net profit of GH¢19.80 billion, a significant reversal from a GH¢2.25 billion net loss in 2024.

Simons has described the findings as “bizarre” and containing “errors, misstatements, confusions, and flawed inferences.” He specifically pointed to inconsistencies in how net losses for 2023 were reported across different documents. Furthermore, Simons argues that the reported profit surge is largely driven by currency-related gains rather than operational improvements. He contends that when currency revaluations are excluded, net profit actually declined by 17.1 percent, falling from GH¢9.75 billion to GH¢8.08 billion, and that operating profit fell by 22.7 percent.

According to SIGA, the sector's revenue grew by 28.12 percent to GH¢176.43 billion in 2025, driven by the agricultural, manufacturing, and infrastructure subsectors. The authority noted that ten SOEs, including the Ghana Ports and Harbours Authority and the Bui Power Authority, maintained profitability.