Ghana’s state-owned enterprises (SOEs) staged a major financial recovery in 2025, swinging from a combined net loss of GH¢2.25 billion in 2024 to a net profit of GH¢19.8 billion, according to the State Interests and Governance Authority (SIGA).
The sharp turnaround was accompanied by significant growth in revenues, highlighting improved financial performance across key segments of the state-owned sector.
SIGA’s 2025 State Ownership Report shows that aggregate revenue rose by 28.12% to GH¢176.43 billion, compared with GH¢137.64 billion recorded in 2024.
The strongest revenue growth came from the agricultural, manufacturing and infrastructure sub-sectors, which recorded increases of 203.71%, 114.74% and 92.24%, respectively.
Profit before interest and tax also strengthened considerably, reaching GH¢25.49 billion in 2025. This continues a four-year improvement from a GH¢502 million loss in 2023 and GH¢5.8 billion profit in 2024.
### Cedi gains improve SOE finances
SIGA attributed part of the improved financial performance to the appreciation of the Ghana cedi, which significantly reduced foreign exchange-related pressures on state-owned companies.
The sector recorded net foreign exchange earnings of GH¢11.72 billion in 2025, reversing a substantial GH¢12.01 billion foreign exchange loss recorded in 2024.
Finance costs also declined by 42.49% during the year, providing additional support to the bottom lines of SOEs.
Despite these gains, however, SIGA cautioned that the overall improvement masks significant weaknesses among a number of state-owned entities.
### Persistent losses remain a concern
Five SOEs — the Electricity Company of Ghana (ECG), Ghana Cylinder Manufacturing Company, Ghana National Petroleum Authority (GNPA), Graphic Communications Group and Ghana Digital Centre — recorded losses in every year between 2021 and 2025.
The report also identified six entities, including AirtelTigo Ghana, GIHOC Distilleries and Tema Oil Refinery, that maintained negative equity throughout the five-year period.
The figures point to continuing structural and financial challenges within parts of the state-owned enterprise sector, despite the strong aggregate performance recorded in 2025.
### Improved profits fail to boost government dividends
Another concern is the limited financial return to the state despite the sector’s return to profitability.
Dividend payments to government fell by 29.36% in 2025, with only Ghana Reinsurance Company and TDC Company paying dividends.
The two companies paid a combined GH¢16 million to government.
The relatively low dividend yield raises questions about how much of the improved SOE performance is ultimately being converted into direct fiscal benefits for the taxpayer.
SIGA said the 2025 results represent an important turning point for state-owned enterprises but stressed that the improvement must be sustained.
The Authority said the focus should now shift towards maintaining efficiency, strengthening accountability and ensuring that improved corporate performance translates into greater value creation for the Ghanaian taxpayer.
The latest figures therefore present a mixed picture: while the aggregate SOE sector has recorded a remarkable return to profitability, persistent losses, negative equity and weak dividend contributions remain significant challenges requiring sustained reforms and stronger corporate governance.
