The Dean of the Faculty of Finance and Accounting at the University of Professional Studies, Accra (UPSA), Prof Isaac Boadi, has questioned the credibility of a recent report on the financial performance of State-Owned Enterprises (SOEs).

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.

“I also have a challenge in believing this report because of the inconsistencies that I’ve seen,” he said.

His comments followed discussions on the financial position of the Electricity Company of Ghana (ECG), whose liabilities have risen to about ¢82.3 billion from slightly above ¢70 billion in 2024.

The development has raised questions about the impact of recent efforts to restructure the energy sector and reduce liabilities.

Prof Boadi said ECG forms part of the wider group of state enterprises facing financial challenges.

“Still, we have this inefficiency in the system, and that’s why this report is telling us,” he said.

He noted that the issue goes beyond ECG, pointing to other entities including the Ghana Gold Board (Goldbod).

“Let me add this to the entire companies or entities that form part of the other state enterprises because they are part of it. Goldbod is also part. Some other companies are also part of this,” he said.

Prof Boadi said figures contained in the report appear to contradict each other.

“If we check in the same report in terms of the other state enterprises, the figure I saw in that report for the other state enterprises was ¢2.4 as at 2024,” he said.

Asked whether the figures referred to losses, he responded: “Yeah, and the report I saw ¢11 billion in the same report.”

He said the conflicting figures raise concerns about the report's reliability.

“So in one breath, the report states ¢1.8. In another breath, it gives you a ¢10.8 billion. So the point is that, which figure do you want to believe?” he asked.

His concerns come against the backdrop of recent reports by the State Interests and Governance Authority (SIGA) on the performance of SOEs.

SIGA has highlighted improved financial performance among a number of state-owned enterprises, including reports of SOEs declaring profits.

However, Prof Boadi said the figures presented in the report must first be reconciled before conclusions can be drawn about the financial health of the state enterprise sector.

“Coming back to the same issue on electricity, it’s formed part of what we are discussing. So I don’t know, even the same report, whether we should believe these figures. The contradictions in these figures for me, much beside,” he said.