SOEs swing from GH¢2.2bn loss to GH¢19.8bn profit in 2025
Ghana’s state-owned enterprises (SOEs) staged a major financial turnaround in 2025, moving from a combined net loss of GH¢2.25 billion in 2024 to a net profit of GH¢19.8 billion.
The State Interests and Governance Authority (SIGA), in its 2025 State Ownership Report, said the performance was supported by significant growth in revenue and improved financial conditions across key sectors of the state-owned economy.
Total revenue generated by SOEs increased by 28.12%, from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
SIGA attributed the revenue growth largely to strong performances in the agriculture, manufacturing and infrastructure sub-sectors, which recorded increases of 203.71%, 114.74% and 92.24%, respectively.
Profit before interest and tax also improved significantly to GH¢25.49 billion, extending a four-year recovery from the GH¢502 million loss recorded in 2023 and the GH¢5.8 billion profit recorded in 2024.
The Authority said the appreciation of the cedi also contributed to the improved financial position of SOEs.
According to the report, the sector recorded net foreign exchange earnings of GH¢11.72 billion in 2025, a sharp reversal from the GH¢12.01 billion foreign exchange loss recorded in 2024.
Finance costs subsequently declined by 42.49% during the year, further supporting the improvement in the sector’s bottom line.
Despite the strong overall performance, SIGA cautioned that a number of state-owned entities continued to face significant financial challenges.
Five SOEs, including the Electricity Company of Ghana (ECG), Ghana Cylinder Manufacturing Company, GNPA, Graphic Communications Group and Ghana Digital Centre, recorded losses in each year between 2021 and 2025.
Six other entities, including AirtelTigo Ghana, GIHOC Distilleries and Tema Oil Refinery, also maintained negative equity throughout the five-year period.
Meanwhile, the improvement in profitability did not translate into higher dividend payments to government.
Dividend payments fell by 29.36%, with only Ghana Reinsurance Company and TDC Company paying a combined GH¢16 million to the state.
SIGA described the 2025 results as an important turning point for the state-owned sector but stressed that the gains must be sustained through improved efficiency, stronger accountability and prudent management.
The Authority said the ultimate objective should be to ensure that SOEs create sustainable value and deliver greater returns to the Ghanaian taxpayer.
-citinewsroom