Ghana state-owned enterprises report GH¢19.8 billion profit amid governance concerns

state-owned enterprises corporate governance SIGA Ghana economy financial reporting

Ghana's 2025 State Ownership Report has sparked significant debate regarding the financial health and governance of state-owned enterprises (SOEs). The State Interests and Governance Authority (SIGA) reported a major turnaround, with SOEs moving from a GH¢2.26 billion net loss in 2024 to a GH¢19.8 billion net profit in 2025. However, SIGA Director-General Professor Michael Kpessa-Whyte noted that foreign exchange gains drove more than 50 percent of these profit margins.

Critics, including IMANI Africa's Bright Simons, have challenged the narrative of a massive turnaround, pointing out that the number of profitable entities has declined and dividend payments to the government fell by 45.5 percent. In 2025, only two SOEs—Ghana Reinsurance Company and Tema Development Company—paid dividends, totaling GHS16.0 million.

Further concerns have been raised regarding transparency and statutory compliance. Experts have highlighted a reporting blackout by the Lands Commission and the Minerals Commission, which failed to submit their 2025 financial accounts. Additionally, Deloitte partner Yaw Appiah Lartey cautioned that simply filing audited statements without holding Annual General Meetings (AGMs) does not constitute proper corporate governance, as it prevents necessary scrutiny of the accounts by the state.

Entities

Deloitte · Ghana · IMANI Africa · John Dramani Mahama · John Mahama · Kofi Bentil · Lands Commission · Minerals Commission · Senyo Hosi · State Interests and Governance Authority

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] Ghana's state-owned enterprises recorded a combined net profit of GH¢19.8 billion in 2025. www.ghanamma.com · theghanareport.com
[○ 1 SOURCE] Submitting audited financial statements without holding an Annual General Meeting does not constitute full corporate governance compliance. chale.news
[● 2 SOURCES] Dividend payments from state-owned enterprises to the government declined by 45.5 percent in 2025. thechronicle.com.gh · www.myjoyonline.com
[● 2 SOURCES] The Lands Commission and the Minerals Commission failed to submit their audited financial accounts for the 2025 financial year. onuaonline.com · thevaultznews.com
[○ 1 SOURCE] The reported profit turnaround is misleading because the number of profitable entities declined and dividend payments fell. theghanareport.com
[○ 1 SOURCE] Foreign exchange gains accounted for more than 50 percent of the reported SOE profit margins. www.ghanamma.com
[● 2 SOURCES] Only two state-owned enterprises, Ghana Reinsurance Company and Tema Development Company, paid dividends in 2025. thechronicle.com.gh · www.myjoyonline.com