The State Interests and Governance Authority (SIGA) has published its 2025 State Ownership Report, revealing a dramatic financial turnaround across Ghana’s state-owned sector as it broke a four-year cycle of consolidated net losses to post a profit of GH¢19.80 billion.
The 10th edition of the flagship report, which is the fifth released since SIGA’s establishment in 2019, covers 162 out of 175 approved Specified Entities, comprising 53 State-Owned Enterprises (SOEs), 36 Joint Venture Companies (JVCs), and 73 Other State Entities (OSEs) .
SOE sector leads recovery
Total SOE revenue climbed by 28.12 per cent to GH¢176.43 billion in FY2025, up from GH¢137.64 billion the previous year, largely driven by strong growth in the agricultural, manufacturing, and infrastructure sub-sectors . These sectors recorded revenue increases of 203.71 per cent, 114.74 per cent and 92.24 per cent respectively .
Profit Before Interest and Tax reached GH¢25.49 billion, marking a firm recovery after a loss of GH¢502.00 million in FY2023 and a partial rebound of GH¢5.80 billion in FY2024 . Most significantly, the SOE sector reversed the GH¢2.25 billion net loss recorded in FY2024 to close the year with a Net Profit after Tax of GH¢19.80 billion .
Ten SOEs sustained profitability over the five-year period, including the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund, and TDC Company Ltd .
Macroeconomic factors support recovery
A stronger local currency reshaped the sector’s finances significantly, with SOEs recording net foreign exchange earnings of GH¢11.72 billion compared to a GH¢12.01 billion foreign exchange loss in FY2024 . Finance costs fell by 42.49 per cent during the year .
The operational improvements occurred alongside an easing macroeconomic environment, marked by a 6.0 per cent real GDP growth rate and falling interest rates. The Monetary Policy Rate declined from 27 per cent to 18 per cent, while the average lending rate fell from 30.25 per cent to 20.4 per cent by December 2025 . Employment across Specified Entities increased by 5.45 per cent to 98,724 workers, representing an additional 5,104 jobs .
Persistent challenges remain
Despite the overall gains, SIGA cautioned that financial risks remain concentrated in specific entities. Five SOEs — including the Electricity Company of Ghana (ECG), Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company, and Ghana Digital Centre — recorded losses every year between FY2021 and FY2025 . Six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, continue to carry negative equity .
Dividend payments to the government dropped by 29.36 per cent, with only Ghana Reinsurance Company Ltd and TDC Company Ltd paying a combined GH¢16.00 million .
Mixed performance across sectors
Joint Venture Companies sustained positive momentum, recording a 36.55 per cent increase in net profit to GH¢3.14 billion . Minority-interest JVCs emerged as the primary source of state dividends, contributing GH¢1.19 billion, which represents 97.12 per cent of all dividends received across the portfolio .
In contrast, Other State Entities experienced mounting financial pressure, with their net deficit widening to GH¢10.48 billion, driven substantially by the Bank of Ghana’s negative equity position of GH¢93 billion . Total liabilities for OSEs increased by 41.83 per cent to GH¢323.17 billion .
SIGA Director-General speaks
Speaking on the performance, the Director-General of SIGA, Prof Michael Kpessa-Whyte — a distinguished academic and governance expert who assumed office in January 2025 following his appointment under President John Dramani Mahama’s administration — noted that the report highlights the sector’s contribution to the country’s economic direction .
“This edition is significant because it documents the performance of Specified Entities for the first year of President Mahama’s second administration,” Prof. Kpessa-Whyte stated . “It gives a full picture of how these Specified Entities are contributing to the broader economic reset agenda, and it will 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” .
Report warns against complacency
The report warned against complacency as the sector transitions from recovery to long-term stability . “The gains of FY2025 must not become a temporary rebound,” the report concluded. “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 complete 2025 State Ownership Report is available on SIGA’s official website .
