ECG debts hit over GH¢82 billion - SIGA report

The Electricity Company of Ghana (ECG) accounted for GH¢82.31 billion of the total liabilities recorded by Ghana’s State-Owned Enterprises (SOEs) in 2025, making it the single largest contributor to the sector’s liability burden.

This is contained in the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA) on Sunday, August 30, 2026.

ECG's outstanding liabilities currently stand at GH¢80 billion – John Jinapor

According to the report, total liabilities of SOEs fell by 4.31% to GH¢281.99 billion in 2025, with ECG alone accounting for GH¢82.31 billion of the amount.

The figure comes despite an overall improvement in the financial performance of state-owned enterprises during the year, with the sector recording a net profit after tax of GH¢19.80 billion compared to a net loss of GH¢2.25 billion in 2024.

SIGA, however, warned that the improved performance does not eliminate the financial risks confronting several state-owned entities.

The report identified ECG among five SOEs that recorded losses in every year between 2021 and 2025.

The other entities are the Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre.

Six entities, including AirtelTigo Ghana Ltd, GIHOC Distilleries and Tema Oil Refinery, also maintained negative equity throughout the five years.

SIGA said the continued losses and negative equity positions point to risks that require sustained attention despite the broader recovery recorded across the SOE sector.

The 2025 report showed that SOEs recorded a significant improvement in revenue and profitability.

Total revenue increased by 28.12% from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025, driven largely by growth in the agricultural, manufacturing and infrastructure subsectors.

Profit Before Interest and Tax also rose to GH¢25.49 billion, continuing a recovery that began after the sector recorded a loss of GH¢502 million in 2023.

The sector also recorded net foreign exchange earnings of GH¢11.72 billion in 2025, reversing a GH¢12.01 billion foreign exchange loss recorded in 2024.

Finance costs fell by 42.49%, while total assets declined by 5.86% to GH¢407.84 billion.

Despite the improved financial performance, dividend payments to government declined.

Only Ghana Reinsurance Company Ltd and TDC Company Ltd paid dividends, with the two entities contributing a combined GH¢16 million, representing a 29.36% decline from the previous year.

SIGA Director-General, Professor Michael Kpessa-Whyte, said the report provides an important assessment of how state-owned entities are contributing to the government’s economic 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.

According to him, the report is expected to guide discussions on how state-owned entities can become more effective contributors to Ghana’s economic development.

“It gives a full picture of how these Specified Entities are contributing to the broader economic reset agenda,” Prof Kpessa-Whyte said.

The report also noted that the performance of SOEs took place against an improved macroeconomic environment, with real GDP growth reaching 6.0% in 2025.

However, SIGA cautioned that the gains recorded during the year must translate into lasting improvements in efficiency, governance and value creation.

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

“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,” the report added.

SIGA said achieving that objective would require stronger accountability, disciplined capital allocation, decisive action against chronically underperforming entities and the institutionalisation of performance-driven governance across the state-owned sector.

Read the full report below



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