ACCRA, Ghana, 10th September: President John Dramani Mahama has disclosed a significant improvement in the financial performance of Ghana’s state-owned enterprises, with the entities moving from an aggregate net loss of GH¢2.26 billion in 2024 to a net profit of GH¢19.8 billion in 2025.
He said the turnaround was also reflected in a sharp increase in combined revenue, which rose from GH¢137.71 billion in 2024 to GH¢176.43 billion in 2025.
President Mahama made the disclosure while addressing the 2026 Annual Governing and CEOs Conference of the State Interests and Governance Authority (SIGA) at the Labadi Beach Hotel in Accra.
He said return on assets improved from 1.3 per cent to 6.31 per cent, while return on equity increased from a negative 1.6 per cent to 15.7 per cent.
The President, however, cautioned against interpreting the figures as evidence that all state-owned enterprises had become sustainably profitable.
He noted that approximately GH¢11.72 billion in foreign exchange gains and a 42.5 per cent decline in finance costs contributed significantly to the improved results.
According to him, the immediate task is to convert the financial relief into sustained operational efficiency and stronger underlying performance.
President Mahama commended ten state-owned enterprises that remained profitable in every year between 2021 and 2025.
The Ghana National Petroleum Corporation (GNPC) recorded the highest average annual profit of approximately GH¢2.25 billion, followed by the Ghana Ports and Harbours Authority (GPHA) with GH¢1.41 billion.
The Minerals Income Investment Fund (MIIF) recorded an average annual profit of GH¢773.9 million, while Bui Power emerged as a new dividend-paying institution with average profits of GH¢348.1 million.
Other entities recognized for consistent performance were the Volta River Authority, Ghana Exim Bank, Ghana National Gas Corporation, TDC Company Limited, Ghana Supply Company Limited and the Venture Capital Trust Fund.
President Mahama also highlighted significant recoveries by some institutions in 2025.
Tema Oil Refinery, he said, moved from a loss of GH¢745 million to a profit of GH¢1.09 billion, its strongest performance in almost a decade.
Ghana Water Limited also moved from a loss of GH¢3.06 billion to a profit of GH¢635 million, while the Ghana Cocoa Board recovered from a loss of GH¢5.73 billion to a profit of GH¢5.11 billion.
The Bulk Oil Storage and Transportation Company Limited (BOST) increased its net profit from approximately GH¢3.98 million to GH¢6.84 million, while GoldBod recorded a net profit of GH¢896.5 million, compared with GH¢178.5 million the previous year.
The President said the gains demonstrated the importance of transparency, accountability and strategic reforms but stressed that one successful year could not be the measure of institutional excellence.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭