Akim Swedru MP Kennedy Nyarko Osei has accused the government of manipulating figures in the State Interests and Governance Authority (SIGA) 2025 State Ownership Report.
The lawmaker questioned why SIGA would classify institutions such as the Youth Employment Agency (YEA) and the Ghana Education Trust Fund (GETFUND) as profit-making entities, even though they are not businesses that sell products or services for profit.
“The Government does not need any manipulated figures to demonstrate the profit performance of any SOE to the Ghanaian people. In fact, any such performance will reflect in the operations of those companies or institutions. Government should desist from presenting such deceptive figures to create any impression of economic superiority over its predecessor.
“Ghanaians just don’t need figures to determine the economic performance of this country; in fact such improvements will reflect in their lives and living standards.This is the first time I’m hearing any Government declaring YEA, GETFUND etc as profit-making institutions and my question is what do these two agencies sell?” He wrote on his Facebook page.
Mr Nyarko Osei further argued that the actual profits of SOEs declined during the period under review.
“In fact profits of the SOEs have declined by GHc1. 67 billion between 2024 and 2025.”
According to the MP, GH¢11.72 billion of the reported profits came from exchange-rate gains rather than normal operations.
He said this represents about 59% of the reported GH¢19.8 billion profit and called on SIGA to explain the source of the remaining 41%.
Vice President of IMANI Africa, Bright Simons, has also questioned the accuracy of the report.
“The report as currently presented does not paint an accurate picture of affairs at state-controlled businesses in Ghana. It is replete with bizarre errors, misstatements, confusions, and flawed inferences. Especially when read against previous SIGA reports,” he wrote.
He also pointed to differences in the reported 2023 net loss.
“For example, the net loss for 2023 has been published in 3 different ways: GHS 2,573.2 million in the 2023 report, GHS 7,143.5 million in the 2024 report, and GHS 6,823.55 million in the 2025 report,” Mr. Simons cited.
“In fact, some of the findings are pretty bizarre,” the policy analyst stressed.
SIGA Report
SIGA’s 2025 report says total SOE revenue increased by 28.12%, from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
It also reported a combined net profit after tax of GH¢19.80 billion in 2025, compared with a GH¢2.25 billion net loss in 2024.
Profit Before Interest and Tax (PBIT) also rose to GH¢25.49 billion from GH¢5.80 billion in 2024.
The report attributed part of the improvement to the stronger Ghana cedi. SOEs recorded net foreign exchange earnings of GH¢11.72 billion in 2025, compared with a GH¢12.01 billion loss in 2024. Finance costs also fell by 42.49%.
However, SIGA noted that some SOEs remain financially vulnerable. Five entities, including ECG and Ghana Digital Centre, recorded losses every year from 2021 to 2025, while six entities maintained negative equity.
Dividend payments to government also declined. Only Ghana Reinsurance Company Ltd and TDC Company Ltd paid dividends in 2025, totalling GH¢16 million.
SIGA Director-General Prof. Michael Kpessa-Whyte defended the report, saying it provides an important picture of the performance of state-owned entities and their contribution to the government’s economic reset agenda.
He said the report will “help drive meaningful dialogue around the future of our State-Owned Enterprises, Joint Venture Companies and Other State Entities, ensuring they fulfil their potential as catalysts for economic growth and development.”
“The gains of 2025 must not become a temporary rebound,” the report concludes.
“They must become the foundation for a more efficient, competitive, inclusive and sustainable State-owned sector that creates value for the Ghanaian taxpayer and contributes meaningfully to national development.”
The controversy now centres on whether the GH¢19.80 billion profit reflects genuine improvements in SOE operations or was significantly influenced by exchange-rate gains and other accounting factors.
