Ghana’s state-owned enterprises return to profit with GH¢19.8bn gain in 2025 — SIGA

Ghana’s state-owned enterprises (SOEs) recorded a consolidated net profit after tax of GH¢19.80 billion in the 2025 financial year, ending four consecutive years of net losses, according to the State Interests and Governance Authority (SIGA).

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.

The figures are contained in SIGA’s 2025 State Ownership Report, released on Sunday, August 30, 2026.

The report, the tenth edition of Ghana’s flagship assessment of specified entities and the fifth published by SIGA since its establishment in 2019, examined the performance of 162 out of 175 approved entities.

These comprised 53 SOEs, 36 joint venture companies and 73 other state entities.

SIGA Director-General Prof Michael Kpessa-Whyte said the report provided an overview of how the entities were contributing to the government’s broaderconomic reset agenda.

“This edition is significant because it documents the performance of specified entities for the first year of President Mahama’s second administration,” he said.

“It gives a full picture of how these specified entities are contributing to the broader economic reset agenda, and it will help drive meaningful dialogue around the future of our State-Owned Enterprises, Joint Venture Companies and Other State Entities, ensuring they fulfil their potential as catalysts for economic growth and development.”

SOE revenue rises to GH¢176.43bn

According to SIGA, the SOE sector delivered the strongest performance covered by the report, driven by substantial growth in the agriculture, manufacturing and infrastructure sub-sectors.

Revenue in the agriculture sub-sector increased by 203.71 per cent, while manufacturing and infrastructure recorded growth of 114.74 per cent and 92.24 per cent, respectively.

Profit before interest and tax rose to GH¢25.49 billion, continuing a four-year recovery that began after the sector recorded a GH¢502 million loss in 2023 and rebounded to GH¢5.80 billion in 2024.

Ten SOEs maintained profitability throughout the five-year period covered by the assessment. They included the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund and TDC Company Limited.

The appreciation of the cedi also strengthened the sector’s financial position, resulting in net foreign-exchange earnings of GH¢11.72 billion. This reversed the GH¢12.01 billion foreign-exchange loss recorded in 2024.

Finance costs, meanwhile, declined by 42.49 per cent.

Total SOE assets decreased by 5.86 per cent to GH¢407.84 billion, with the contraction mainly linked to the Electricity Company of Ghana, the Volta River Authority and COCOBOD.

Total liabilities also declined by 4.31 per cent to GH¢281.99 billion. ECG alone accounted for GH¢82.31 billion of the amount.

Five enterprises record persistent losses

Despite the overall recovery, SIGA cautioned that financial risks remained concentrated in some enterprises.

Five SOEs — ECG, Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company and Ghana Digital Centres Limited — recorded losses in every financial year between 2021 and 2025.

Six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, also maintained negative equity throughout the same period.

Dividend payments from SOEs to the government declined by 29.36 per cent in 2025. Only Ghana Reinsurance Company Limited and TDC Company Limited paid dividends, contributing a combined GH¢16 million.

Joint venture profits grow

Ghana’s joint venture companies maintained their positive momentum, with net profit excluding minority interest increasing by 36.55 per cent from GH¢2.29 billion in 2024 to GH¢3.14 billion in 2025.

Their total assets also grew by 25.99 per cent to GH¢96.69 billion.

Minority-interest joint ventures recorded an even stronger performance, with net profit rising from GH¢21.06 billion in 2024 to GH¢61.32 billion in 2025.

The companies contributed GH¢1.19 billion in dividends to the government, representing 97.12 per cent of all dividends received across the state-owned portfolio.

Other state entities record GH¢10.48bn deficit

The performance of other state entities was less encouraging, as their combined net deficit widened from GH¢2.18 billion in 2024 to GH¢10.48 billion in 2025.

Although their total assets increased by 60.15 per cent to GH¢310.62 billion, liabilities rose by 41.83 per cent to GH¢323.17 billion.

The sub-sector’s accumulated fund also deteriorated from a positive GH¢15.47 billion to a negative GH¢41.14 billion.

SIGA attributed the reversal substantially to the Bank of Ghana’s GH¢93 billion negative equity position.

Improved economic environment

The report said the specified entities operated in a more supportive macroeconomic environment in 2025.

Real gross domestic product grew by six per cent, the fastest expansion since 2019 and an improvement on the 5.8 per cent recorded in 2024.

The Monetary Policy Rate declined from 27 per cent to 18 per cent, while the Ghana Reference Rate dropped from 29.31 per cent to 15.9 per cent.

The average lending rate also fell from 30.25 per cent to 20.4 per cent by December 2025.

Although Ghana’s public debt increased nominally to GH¢640.99 billion, its ratio to GDP improved to 45.28 per cent. SIGA attributed this to the appreciation of the cedi, reduced borrowing costs, a high primary surplus and improved debt management.

The Authority, however, warned about continuing fiscal exposure arising from GH¢3.03 billion in outstanding government loan guarantees and GH¢14.73 billion in on-lent loans.

It also identified US$3.7 million in contingent liabilities that crystallised from public-private partnership agreements during the year.

Procurement infractions decline

SIGA said the Ministry of Finance issued new Public Financial Management Implementation Guidelines in May 2025, requiring specified entities to submit quarterly internal audit and commitment control reports.

Procurement activities approved centrally were also subjected to commitment authorisation by the Finance Minister.

Public-sector procurement infractions subsequently fell from GH¢18.4 billion in 2024 to GH¢2.2 billion in 2025, although the report observed that the authorisation requirements caused delays in some capital projects and procurement activities.

SIGA assessed 70 entities that had executed 2024 performance contracts through its Annual Governance and Institutional Performance Assessment Reports.

The Authority also intensified its engagement with entities that had persistently failed to comply with statutory reporting requirements.

Rail company liquidation recommended

The report disclosed that SIGA had recommended the liquidation of the Ghana Railway Company Limited following prolonged financial, operational and labour difficulties that resulted in the suspension of its activities.

SIGA proposed that the company’s employees be absorbed into the Ghana Railway Development Authority and that the authority be transformed into a combined commercial and regulatory institution.

The 97-kilometre Tema–Mpakadan railway line began commercial operations under the Ghana Railway Development Authority in October 2025.

The government subsequently introduced a phased support package to address salary arrears and refurbish critical railway infrastructure.

The financial sector also witnessed the recapitalisation of the National Investment Bank and Agricultural Development Bank, alongside continued government support for Consolidated Bank Ghana.

State entities embrace 24-hour economy

Several specified entities began implementing aspects of the government’s 24-Hour Economy Policy in 2025.

These included a round-the-clock customer call centre at TDC Company Limited, three-shift operations at Ghana Publishing Company and extended production at GIHOC Distilleries.

The Driver and Vehicle Licensing Authority expanded its services, while the Environmental Protection Authority introduced continuous online services and environmental monitoring.

The Architectural and Engineering Services Limited also worked on 24-hour markets across 33 metropolitan, municipal and district assemblies.

SIGA said these initiatives would be incorporated into future performance contracts and monitoring frameworks.

The GH¢62.86 billion Big Push Programme also adopted a corridor-based approach to modernising trunk roads, bridges, interchanges and highways under the Ghana Highway Authority. Most of the projects, however, remained at an early stage of implementation at the end of 2025.

Workforce expands by 5,104

Employment across specified entities grew by 5.45 per cent to 98,724 workers, representing the addition of 5,104 jobs.

SOEs accounted for 48.62 per cent of the workforce, followed by other state entities with 39.92 per cent and joint venture companies with 11.47 per cent.

Women constituted 30.02 per cent of the workforce, up from 29.30 per cent in 2024. Female employment grew by 8.02 per cent, compared with a 4.39 per cent increase in male employment.

Climate-related reporting also improved, with 42 of the 162 reporting entities disclosing projects, programmes or initiatives in 2025. This represented 25.9 per cent of the entities, up from 27 entities in the previous year.

SIGA described 2025 as a turning point but warned that persistent losses, negative equity, fiscal risks and governance deficiencies could undermine the gains.

“The gains of FY2025 must not become a temporary rebound,” the report concluded.

“They must become the foundation for a more efficient, competitive, inclusive and sustainable State-owned sector that creates value for the Ghanaian taxpayer and contributes meaningfully to national development.”