Mike Oquaye Jnr, the former parliamentary candidate for the New Patriotic Party (NPP) for Dome-Kwabenya, has punched holes in the State Interests and Governance Authority’s (SIGA) claim that Ghana’s state-owned enterprises (SOEs) recorded a combined net profit of GH¢19.8 billion in 2025.
It will be recalled that the State Interests and Governance Authority (SIGA) has announced that Ghana’s state-owned enterprises (SOEs) recorded a consolidated net profit after tax of GH¢19.80 billion in the 2025 financial year.
According to SIGA, the GH¢19.80 billion profit ends the four consecutive years of net losses.
SIGA disclosed that the turnaround represents a significant improvement from the GH¢2.25 billion net loss posted in 2024, as total SOE revenue increased by 28.12 per cent from GH¢137.64 billion to GH¢176.43 billion.
SIGA, in a release on Sunday, August 30, 2026, made these figures known, which marks the tenth edition of Ghana’s flagship assessment of specified entities and the fifth published by SIGA.
Reacting to the development, Mike Ocquaye Jnr disclosed that SIGA’s report failed to mention GHS19 million in pensions paid to the dead in 2025.
He further disclosed that another GHS7 million was paid to deceased pensioners.
Speaking on Metro TV Good Morning Ghana, Mike Oquaye Jnr stated, “Let’s look at the tax irregularities, and again we are talking figures, GHS4.8 billion which is about 91 per cent has been recorded here and if you look at page 31 you will get the answer.
If you look at the cash irregularities, we are looking at another GHS410 million; all of this was recorded under SIGA institutions. Let us further go and look at the instances of administrative negligence that were also recorded”.
He further added, “We have about GHS19 million in pensions paid to the dead in 2025. Kpessa White, where is it in your report. We even further have various sums that the pension directive in terms of the Accountant and Controller General another GHS7 million to decease pensioners. So apart from the people who were dead when the GHS19 million were paid, another GHS7 million was paid just four of this people recorded by the Auditor General’s report”.
In related news, the Vice President of IMANI Africa, Bright Simons, has quizzed whether SIGA’s headline figures accurately reflect the underlying performance of the enterprises.
Bright Simons argued that currency-related gains significantly influenced the 2025 results.
According to Bright Simons, SIGA’s report as currently presented does not paint an accurate picture of affairs at state-controlled businesses in Ghana.
He highlighted that it is replete with bizarre errors, misstatements, confusions, and flawed inferences. Especially when read against previous SIGA reports.
Parts of his post on X stated, “. 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.
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.
The net loss for 2022 has been published in 4 different ways. Revenue for 2021 has been published in 5 different five ways.
Total liabilities for 2021 appear as GHS135,883 million in the 2021 report, GHS172,043 million in the 2023 report, and GHS135,914 million in the 2025 report, a GHS36 billion excursion that appears and then vanishes.
These confusions make it really hard to make the comparisons across years that SIGA is trying to push us to do”.
He further added, “State-owned businesses’ underlying profitability declined in 2025. You heard that right. Contrary to what SIGA says, when you remove the currency effects, net profit fell 17.1 per cent, operating profit fell 22.7 per cent, and the operating margin narrowed by three and a half percentage points between 2024 and 2025”.
“In simple terms: SIGA told us that a loss of GHS 2.26 billion in 2024 switched into a profit of GHS19.80 billion in 2025. But as everyone now knows, if you ignore the currency revaluations, profit actually fell from GHS9.75 billion to GHS8.08 billion, a decline of 17.1 per cent,” he said.
In his concluding remarks, Bright Simon called on SIGA to withdraw, not just the confusing 2025 one, but all its reports from 2020, fix the errors, and submit a more reliable series.
Watch the video below:
They paid about GHC19m in pensions to the dead – Mike Ocquaye Jnr punches holes in SIGA report#GoodMorningGhana #MetroTV pic.twitter.com/4R5ytyeF1s
— Metro TV Ghana (@metrotvgh) September 1, 2026
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