Conflicting figures raise fresh questions over credibility of SIGA Report on SOEs, says Prof Boadi

The Dean of the Faculty of Finance and Accounting at the University of Professional Studies, Accra (UPSA), has questioned the credibility of a recent report on the performance of State-Owned Enterprises (SOEs), citing major inconsistencies in the figures. According to Professor Isaac Boadi, the conflicting figures in the report make it difficult to determine which data to trust. His concerns come amid renewed attention to the financial performance of SOEs following a recent report by the State Interests and Governance Authority (SIGA), which found that several state enterprises recorded profits.

Speaking on Joy News’ PM Express on Tuesday, Prof Boadi pointed out inconsistencies in the figures for other state enterprises. He said the report puts the figure for other state enterprises at ¢2.4 billion as of 2024 in one section, but gives a significantly different figure elsewhere. Prof Boadi said another section of the same report gives a figure of ¢11 billion.

“And the report I saw ¢11 billion in the same report. So in one breath, the report states ¢1.8. In another breath, it gives you ¢10.8 billion.

So the point is, which figure do you want to believe?” He said the inconsistencies are serious enough to raise questions about the reliability of the entire report. “So I don’t know, even in the same report, whether we should believe these figures. The contradictions in these figures for me, much beside.” Prof Boadi’s concerns also extend to the financial position of the Electricity Company of Ghana (ECG), whose liabilities he said have risen to about ¢82.3 billion, from slightly above ¢70 billion in 2024.

The development comes despite extensive efforts to restructure the energy sector and additional financial support from consumers through the Energy Sector Recovery Account levy. Prof Boadi said ECG forms part of the wider group of state enterprises facing persistent financial challenges. He noted that ECG is not the only entity contributing to the broader problem, pointing to other state-owned companies, including the Ghana Gold Board (GOLDBOD).

He said the figures raise questions about whether inefficiencies within state enterprises are being adequately addressed despite the financial sacrifices… Prof Boadi said that inconsistencies in the figures presented in the report make it difficult for him to determine which figures to believe. Speaking on Joy News’ PM Express on Tuesday, he pointed specifically to figures concerning other state enterprises.