State Firms Post GH¢19.8bn Profit After 2024 Loss – SIGA

Ghana’s state-owned enterprises (SOEs) recorded a major improvement in their financial performance in 2025, moving 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 figures are contained in SIGA’s 2025 State Ownership Report, which indicates a significant recovery in the financial position of government-owned companies.

SOE revenue also rose substantially during the year, increasing by 28.12% from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.

SIGA attributed much of the revenue growth to strong performances in the agricultural, manufacturing and infrastructure sectors, which recorded increases of 203.71%, 114.74% and 92.24%, respectively.

Profit before interest and tax also improved to GH¢25.49 billion in 2025. This continues a recovery from the GH¢502 million loss recorded in 2023 and the GH¢5.8 billion profit posted in 2024.

The appreciation of the Ghana cedi was another major factor behind the improved results. SOEs recorded net foreign exchange earnings of GH¢11.72 billion in 2025, compared with a foreign exchange loss of GH¢12.01 billion in 2024.

Finance costs also declined by 42.49% during the period, further supporting the improved financial performance.

Despite the positive results, SIGA warned that several state-owned companies continue to face serious 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.

The report also identified six other entities, including AirtelTigo Ghana, GIHOC Distilleries and Tema Oil Refinery, as having maintained negative equity throughout the five-year period.

Meanwhile, the improvement in overall profitability did not translate into higher dividend payments to the government. Dividend payments fell by 29.36%, with only Ghana Reinsurance Company and TDC Company paying a combined GH¢16 million.

SIGA described the 2025 performance as an important step forward but stressed that the gains must be sustained through stronger efficiency, accountability and value creation for the Ghanaian taxpayer.