State Interests and Governance Authority (SIGA)
Ghana’s State-Owned Enterprises (SOEs) have returned to profitability after recording a combined net profit of GH¢19.80 billion in 2025, reversing a net loss of GH¢2.25 billion recorded in the previous year.
The significant turnaround is contained in the 2025 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA).
ECG's outstanding liabilities currently stand at GH¢80 billion – John Jinapor
The report, which assesses the performance of 162 of Ghana’s 175 approved Specified Entities, shows that the SOE sector broke a four-year cycle of consolidated net losses in 2025.
According to SIGA, total SOE revenue also increased by 28.12%, rising from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
The growth was largely driven by the agricultural, manufacturing and infrastructure subsectors, which recorded increases of 203.71%, 114.74% and 92.24%, respectively.
Profit Before Interest and Tax also rose to GH¢25.49 billion, continuing a four-year recovery from a loss of GH¢502 million in 2023 and a partial rebound of GH¢5.80 billion in 2024.
The report attributed part of the improved financial performance to stronger foreign exchange earnings and lower financing costs.
SOEs recorded net foreign exchange earnings of GH¢11.72 billion in 2025, compared with a foreign exchange loss of GH¢12.01 billion in 2024.
Finance costs also fell by 42.49% during the year.
SIGA Director-General, Professor Michael Kpessa-Whyte, said the 2025 report is particularly important because it captures the performance of state entities during the first year of President John Dramani Mahama’s second administration.
“This edition is significant because it documents the performance of Specified Entities for the first year of President Mahama’s second administration,” he said.
He explained that the report would help stakeholders assess the contribution of state-owned entities to the government’s economic programme.
“It gives a full picture of how these Specified Entities are contributing to the broader economic reset agenda,” Prof Kpessa-Whyte said.
He added that the report would “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.”
The positive performance extended to Ghana’s Joint Venture Companies (JVCs), which also built on gains recorded in the previous year.
Net profit, excluding minority interest, increased by 36.55% to GH¢3.14 billion in 2025 from GH¢2.29 billion in 2024.
Total assets of JVCs also grew by 25.99% to GH¢96.69 billion.
Minority-interest JVCs recorded an even stronger performance, with net profit increasing from GH¢21.06 billion in 2024 to GH¢61.32 billion in 2025.
These companies were also the dominant source of dividends to government, contributing GH¢1.19 billion, representing 97.12% of all dividends received across the portfolio.
Despite the overall improvement, SIGA warned that several state entities continue to face serious financial challenges.
The Other State Entities (OSEs) sub-sector recorded a net deficit of GH¢10.48 billion in 2025, up sharply from GH¢2.18 billion in 2024.
Its liabilities also rose 41.83% to GH¢323.17 billion, while its accumulated fund fell from a positive GH¢15.47 billion to a negative GH¢41.14 billion.
SIGA said the shift was driven substantially by the Bank of Ghana’s negative equity position of GH¢93 billion.
Within the SOE sector, five entities — the Electricity Company of Ghana (ECG), Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre — recorded losses in every year from 2021 to 2025.
Six entities, including AirtelTigo Ghana Ltd, GIHOC Distilleries and Tema Oil Refinery, also carried negative equity throughout the period.
Dividend payments to government meanwhile declined, with only Ghana Reinsurance Company Ltd and TDC Company Ltd paying a combined GH¢16 million in 2025, representing a 29.36% decline from 2024.
SIGA said the 2025 performance should be seen as a turning point rather than the end of the challenges facing the state-owned sector.
The Authority said the sector must now move beyond recovery and focus on building long-term resilience and sustainable value.
“Specified Entities must move from recovery to resilience, from compliance to performance, and from state ownership to sustainable value creation, stronger accountability, more disciplined capital allocation, decisive action on chronically underperforming entities, and the institutionalisation of performance-driven governance across the portfolio,” the report stated.
The report concluded that the gains made in 2025 should form the basis for further improvements in the management of state-owned entities.
“The gains of FY2025 must not become a temporary rebound,” SIGA 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,” SIGA added.
Read the full statement below
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