When state enterprises move from a loss of GH¢2.25 billion to a staggering net profit of GH¢19.8 billion within twelve months, citizens naturally expect cause for celebration. Yet behind the glowing headline figures released in the 2025 State Ownership Report lies a stark financial reality that demands rigorous scrutiny.Hon. Kennedy Osei Nyarko, the Member of Parliament for Akim Swedru, has sounded a crucial warning over the quality of the figures presented by the State Interests and Governance Authority (SIGA).
His analysis cuts through the celebratory noise to highlight a troubling truth: much of the reported turnaround relies on currency shifts rather than core operational efficiency. Page 33 of the official SIGA report reveals that GH¢11.72 billion—nearly 59 per cent of the total GH¢19.8 billion net profit—came directly from foreign exchange gains. SOE Financial Turnaround Breakdown (2025)
Total Declared Net Profit: GH¢19.80 Billion (100%)
Exchange Rate Gains: GH¢11.72 Billion ( 59%)
Remaining Operating Profit: GH¢ 8.08 Billion ( 41%)
This massive paper gain was made possible by the macroeconomic stability engineered through sound monetary policies, which brought currency relief to distressed state institutions. But currency fluctuations are notoriously fickle. They do not reflect better management, improved productivity, or structural discipline on the shop floor.The Akim Swedru lawmaker is now pressing SIGA for complete transparency regarding the remaining 41 per cent of declared gains.The central question is simple yet vital: did state enterprises generate that remaining revenue through genuine commercial performance, or was it merely the product of budget cuts, frozen capital expenditures, and unspent allocations?
While the ultimate goal remains driving State-Owned Enterprises (SOEs) toward sustained profitability, public interest requires deep interrogation of their balance sheets. Several critical entities continue to navigate severe financial distress, leaving them unable to meet basic debt obligations to commercial creditors. Headline profits created by currency swings risk masking systemic weaknesses inside these institutions. Without structural reform and operational competence, paper gains can vanish as quickly as the exchange rate shifts.The New Patriotic Party’s track record of institutional oversight relies on precisely this kind of analytical rigor. Financial discipline demands that state agencies produce real, measurable value for the taxpayer rather than relying on balance-sheet accounting relief to paint a picture of health.Ghanaian taxpayers deserve clear answers. SIGA must now break down the operational realities of the SOE sector to prove that this financial recovery rests on solid ground rather than temporary accounting luck.
