The Ghana Ports and Harbours Authority (GPHA) has recorded a robust net profit of GH¢2.82 billion for the 2025 financial year, representing a 17.18% increase over the GH¢2.41 billion posted in 2024. According to the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA), the Authority’s total revenue climbed by 8.89% to GH¢7.620 billion, up from GH¢6.998 billion the previous year.
The impressive results reaffirm GPHA’s standing as one of the nation’s most consistently profitable State-Owned Enterprises (SOEs) and a key engine of Ghana’s transport and logistics sector. The report highlighted that the Authority remains a dominant contributor to the subsector, with the combined net profit for transport and logistics entities rising by 9.16% to GH¢3.211 billion in 2025.
Financial Performance Indicators & Returns
The Authority’s operational efficiency improved significantly during the period. Operating revenue grew by 5.95% to GH¢5.564 billion, buoyed by increased income from cargo handling services and port facilities. A major driver of profitability was GPHA’s strategic stake in Meridian Port Services Limited (MPS). The Authority’s share of profit from MPS surged to GH¢1.531 billion in 2025, up from GH¢1.276 billion in 2024, accounting for approximately 20.09% of GPHA’s total revenue.
Profitability metrics showed substantial improvement. GPHA’s net profit margin rose to 50.69% in 2025 compared to 45.83% in 2024. Return on assets improved from 16.47% to 19.07%, while return on equity increased to approximately 49.55%.
Balance Sheet Strengthens
The Authority’s financial foundation solidified over the year. Total assets reached GH¢19.544 billion, while equity expanded by 16.01% to GH¢15.162 billion. The report noted a significant reduction in financial leverage, with the equity multiplier falling from 1.48 times to 1.29 times, indicating a greater reliance on internally generated funds. This was complemented by a strong liquidity position, as net cash flow from operating activities hit approximately GH¢3.189 billion and cash and cash equivalents increased to nearly GH¢1.648 billion. Short-term debt coverage also improved, rising from 1.63 times to 2.15 times.
Strategic Investments & Operational Reforms
Beyond the financial results, GPHA continued to execute critical infrastructure upgrades aimed at modernizing Ghana’s ports and enhancing their competitive edge. The Authority commenced dredging operations at the Port of Tema to deepen the main harbour basin to a chart datum of minus 14 meters, a crucial step to accommodate larger vessels and improve turnaround times.
In a significant move to boost efficiency, GPHA successfully rolled out 24-hour operations across all operational areas, aligning with the government’s “24-Hour Economy Policy”. This initiative is designed to reduce cargo processing delays and ensure continuous port activity. Additionally, the Authority has deployed new haulage trucks to streamline container movement between terminals, significantly reducing backlog issues.
The report also highlighted GPHA’s commitment to environmental stewardship, noting the installation of real-time air-quality monitoring systems and the climate-resilient reinforcement of breakwater infrastructure, all financed from internally generated funds.
Five-Year Trajectory
The 2025 results reinforce a positive long-term trend. GPHA’s net profit grew from GH¢485.70 million in 2021 to GH¢690.10 million in 2023, before jumping sharply to GH¢2.401 billion in 2024 and reaching GH¢2.821 billion in 2025. Over this five-year period, the Authority averaged an annual net profit of approximately GH¢1.410 billion, marking it as the second-highest average among profitable SOEs.
Context: A Recovering SOE Sector
GPHA’s performance contributes significantly to a broader recovery in Ghana’s state-owned sector. The 2025 SIGA report indicates that the SOE sector returned to profitability in 2025, recording a net profit of GH¢19.80 billion, reversing a loss of GH¢2.25 billion in 2024. Total SOE revenue increased by 28.12% to GH¢176.43 billion, driven by gains in agricultural and manufacturing sub-sectors. While the sector showed resilience, SIGA cautioned that financial risks remain concentrated in specific entities like the Electricity Company of Ghana (ECG), which accounts for a significant portion of SOE liabilities.
With a workforce of approximately 8,020 employees, GPHA remains the second-largest employer among individual SOEs. The 2025 results demonstrate the Authority’s capacity to drive public-sector profitability while investing in the infrastructure necessary to position Ghana as a premier trade and logistics hub in West Africa.
