Ghana’s state-owned enterprises (SOEs) returned to profitability in 2025, recording a consolidated net profit after tax of GH¢19.80 billion after four consecutive years of net losses.
The turnaround represents a sharp improvement from the GH¢2.25 billion net loss recorded in 2024, according to the State Interests and Governance Authority’s (SIGA) 2025 State Ownership Report.
The report, released on Sunday, 30 August 2026, said total revenue generated by SOEs increased by 28.12% from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
Profit before interest and tax also rose to GH¢25.49 billion, continuing a recovery that began in 2023 when the sector recorded a GH¢502 million loss before rebounding to GH¢5.80 billion in 2024.
SIGA said the stronger performance was driven largely by significant growth in the agriculture, manufacturing and infrastructure sub-sectors.
Revenue from agriculture increased by 203.71%, while manufacturing and infrastructure recorded growth of 114.74% and 92.24%, respectively.
The appreciation of the cedi also strengthened the sector’s financial position, generating net foreign-exchange earnings of GH¢11.72 billion. This reversed a GH¢12.01 billion foreign-exchange loss recorded in 2024.
Finance costs also fell by 42.49% during the year.
SOE assets and liabilities decline
Despite the improvement in profitability, total SOE assets declined by 5.86% to GH¢407.84 billion.
SIGA attributed the contraction mainly to changes involving the Electricity Company of Ghana (ECG), the Volta River Authority (VRA) and the Ghana Cocoa Board (COCOBOD).
Total liabilities also fell by 4.31% to GH¢281.99 billion, although ECG accounted for GH¢82.31 billion of the total.
Ten SOEs maintained profitability throughout the five-year period assessed by SIGA. 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.
Five SOEs remain persistently loss-making
SIGA, however, cautioned that the sector’s overall recovery masks persistent financial challenges at 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 year between 2021 and 2025.
Six other entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, also recorded negative equity throughout the five-year period.
Dividend payments to government from SOEs declined by 29.36% in 2025.
Only Ghana Reinsurance Company Limited and TDC Company Limited paid dividends, contributing a combined GH¢16 million.
Joint ventures record stronger performance
Joint venture companies also improved their financial performance, with net profit excluding minority interest rising by 36.55% from GH¢2.29 billion in 2024 to GH¢3.14 billion in 2025.
Their total assets increased by 25.99% to GH¢96.69 billion.
Minority-interest joint ventures recorded an even larger increase in net profit, rising from GH¢21.06 billion in 2024 to GH¢61.32 billion in 2025.
They contributed GH¢1.19 billion in dividends to government, representing 97.12% of all dividends received across the state-owned portfolio.
Other state entities record GH¢10.48bn deficit
The performance of other state entities contrasted sharply with that of SOEs and joint ventures.
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% to GH¢310.62 billion, liabilities also increased by 41.83% to GH¢323.17 billion.
The accumulated fund deteriorated from a positive GH¢15.47 billion to a negative GH¢41.14 billion.
SIGA attributed the deterioration substantially to the Bank of Ghana’s GH¢93 billion negative equity position.
SIGA warns against complacency
SIGA said the specified entities operated in a more supportive economic environment in 2025, with real GDP growth reaching 6%, while interest rates declined significantly.
The Authority also reported a reduction in public-sector procurement infractions, from GH¢18.4 billion in 2024 to GH¢2.2 billion in 2025.
Employment across the specified entities increased by 5.45% to 98,724 workers, representing 5,104 additional jobs.
Despite the gains, SIGA warned that persistent losses, negative equity positions, fiscal risks and governance deficiencies could undermine the recovery.
“The gains of FY2025 must not become a temporary rebound,” the report said, stressing the need to build on the improved performance to create a more efficient, competitive and sustainable state-owned sector.
The report assessed 162 of 175 approved entities, comprising 53 SOEs, 36 joint venture companies and 73 other state entities.
