Ghana state-owned enterprise reporting and governance debate

Disputes have emerged regarding the financial reporting and governance of Ghana’s state-owned enterprises (SOEs). The controversy began when Bright Simons of IMANI Africa challenged a State Interests and Governance Authority (SIGA) report claiming the SOE sector achieved a net profit of GH¢19.80 billion in 2025. Simons described the findings as “bizarre” and argued that the reported surge was driven by currency-related gains rather than operational success, noting that excluding currency revaluations would show a decline in net profit.

Following these claims, academics and governance experts expanded the scrutiny to include broader structural issues. Prof. Isaac Boadi highlighted internal contradictions within the SIGA report, noting discrepancies in figures for “other state enterprises.”

In addition to reporting inaccuracies, experts raised concerns regarding political interference and board composition. Following the dissolution of boards at several major institutions, such as the Ghana National Petroleum Corporation (GNPC), critics called for reforms to prioritize professional competence over political appointments. Former Auditor-General Daniel Yaw Domelevo specifically criticized the appointment of Members of Parliament to SOE boards, stating it creates a conflict of interest where legislators act as both “player and referee.”