The State Interests and Governance Authority, SIGA, says Ghana’s State-Owned Enterprises recorded a major financial turnaround in 2025, posting a consolidated net profit after tax of 19-point-8 billion Ghana cedis.
This is the first time in four years that the State-Owned Enterprises have recorded an overall profit. In 2024, the sector recorded a net loss of 2-point-25 billion Ghana cedis.
The figures are contained in SIGA’s 2025 State Ownership Report, the tenth edition of the country’s flagship assessment of state-owned entities and the fifth published since SIGA was established in 2019.
The report covers 162 of the 175 approved Specified Entities, comprising 53 State-Owned Enterprises, 36 Joint Venture Companies and 73 Other State Entities.
SIGA says total revenue of the State-Owned Enterprises increased by 28-point-12 percent, rising from 137-point-64 billion Ghana cedis in 2024 to 176-point-43 billion cedis in 2025.
The growth was driven largely by strong performances in the agriculture, manufacturing and infrastructure sectors.
Revenue from the agriculture sub sector increased by more than 203 percent, while manufacturing revenue rose by about 115 percent and infrastructure by more than 92 percent.
Profit before interest and tax also increased to 25-point-49 billion Ghana cedis, continuing the sector’s recovery from a loss of about 502 million cedis in 2023 and a profit of 5-point-8 billion cedis in 2024.
SIGA attributes part of the improvement to a more favourable macroeconomic environment, including a stronger cedi and lower financing costs. The sector recorded net foreign exchange earnings of about 11-point-72 billion Ghana cedis, compared with a foreign exchange loss of 12-point-01 billion cedis in 2024. Finance costs also fell by more than 42 percent.
Joint Venture Companies also recorded improved results, with net profit rising by 36-point-55 percent to 3-point-14 billion Ghana cedis. Their total assets increased by nearly 26 percent to 96-point-69 billion cedis.
Minority-interest joint ventures were particularly significant, contributing about 1-point-19 billion Ghana cedis in dividends to the government, representing more than 97 percent of all dividends received across the state-owned portfolio.
However, SIGA says the performance of Other State Entities remains a major concern.
The group recorded a combined net deficit of 10-point-48 billion Ghana cedis in 2025, compared with a deficit of 2-point-18 billion cedis in 2024.
Their liabilities increased by more than 41 percent to 323-point-17 billion cedis, while accumulated funds moved from a positive 15-point-47 billion cedis to a negative 41-point-14 billion cedis.
SIGA identified the Bank of Ghana’s negative equity position of about 93 billion cedis as a major factor behind the deterioration.
The report also highlights continuing challenges among some State-Owned Enterprises.
Five entities — the Electricity Company of Ghana, Ghana Cylinder Manufacturing Company, GNPA Limited, Graphic Communications Group and Ghana Digital Centre — recorded losses every year from 2021 to 2025.
Six entities also maintained negative equity throughout the five-year period.
Despite the improved financial performance, dividend payments from SOEs to the government declined. Only Ghana Reinsurance Company and TDC Company Limited paid dividends, amounting to a combined 16 million Ghana cedis.
The report also shows that employment across the specified entities increased by 5-point-45 percent to 98,724 workers, representing more than 5,100 additional jobs.
Women accounted for about 30 percent of the workforce, an increase from 29-point-3 percent in 2024.
SIGA Director-General, Professor Michael Kpessa-Whyte, says the 2025 report is significant because it captures the first year of performance under President John Dramani Mahama’s second administration.
He says the report provides a basis for assessing how state entities are contributing to the government’s broader economic reset agenda.
SIGA, however, cautions that the gains recorded in 2025 must be sustained, warning that persistent losses, negative equity, fiscal risks and governance challenges could undermine the recovery.
The Authority says the objective must now be to transform the improved performance into a more efficient, competitive and sustainable state-owned sector that creates greater value for taxpayers and contributes meaningfully to national development.
