Akwatia Member of Parliament Bernard Bediako Baidoo has called for a broader assessment of the financial performance of State-Owned Enterprises (SOEs), arguing that their results cannot be divorced from developments in Ghana’s overall economy.
His comments follow the latest report by the State Interests and Governance Authority (SIGA), which showed that SOEs collectively recorded a net profit after tax of GH¢19.8 billion in 2025.
The performance represents a dramatic turnaround from the GH¢2.26 billion consolidated net loss recorded by the entities in 2024, with SIGA describing the change as a 976.43 per cent improvement.
However, Mr Baidoo cautioned against interpreting the figures solely as a reflection of the operational performance of individual state enterprises or government policies.
According to him, macroeconomic factors, particularly movements in the foreign exchange market, can have a significant impact on the value of assets and liabilities recorded on the books of state entities.
He explained that where an SOE holds funds or has obligations denominated in foreign currencies, changes in the exchange rate can substantially alter the value of those balances when converted into cedis for financial reporting.
“If we have been able to bring the dollar or the exchange rate, and we have all these balances in their books, SIGA would have to report it as such,” he said.
Mr Baidoo stressed that SIGA’s responsibility is to report the financial position reflected in the accounts of the various state entities.
“This is what they have and this is what they owe,” he said.
The Akwatia MP also challenged the notion that the performance of SOEs should be assessed separately from Ghana’s wider economic fortunes.
He argued that the economy is made up of the combined performance of various sectors and entities, including state-owned companies.
“The economy is an aggregate. The economy is as a result, or an aggregate, of all the performance of these areas or these entities,” he said.
His comments come amid debate over the factors behind the sharp improvement in the financial performance of SOEs in 2025.
Mr Baidoo maintained that the GH¢19.8 billion profit should therefore be viewed within the broader economic conditions prevailing during the period, rather than attributed exclusively to the decisions or performance of individual entities.
He said changes in exchange rates and the resulting impact on assets, liabilities and foreign currency balances form part of the economic environment within which SOEs operate and should be taken into account when assessing their financial results.
If you want, I can also give you 10 stronger, more punchy headline options for this story.
