The State Interests and Governance Authority (SIGA) says Ghana’s state-owned enterprises (SOEs) returned to profitability in 2025, recording a combined net profit of GH¢19.8 billion.
This represents a significant turnaround from the GH¢2.25 billion net loss recorded by the sector in 2024.
According to SIGA’s 2025 State Ownership Report, total SOE revenue also increased by 28.12% to GH¢176.43 billion in 2025, up from GH¢137.64 billion the previous year.
The report attributes the revenue growth largely to strong performances in 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 rose to GH¢25.49 billion, continuing a four-year recovery from a loss of GH¢502 million in 2023 and a partial rebound of GH¢5.8 billion in 2024.
SIGA said the stronger performance was also supported by the appreciation of the cedi, which helped SOEs record net foreign exchange earnings of GH¢11.72 billion in 2025, reversing a GH¢12.01 billion foreign exchange loss in 2024.
Finance costs also fell by 42.49% during the year. However, SIGA cautioned that significant risks remain within the state-owned sector.
Five SOEs — including the Electricity Company of Ghana (ECG), Ghana Cylinder Manufacturing Company, GNPA, Graphic Communications Group and Ghana Digital Centre — recorded losses in every year from 2021 to 2025.
Six other entities, including AirtelTigo Ghana, GIHOC Distilleries and Tema Oil Refinery, also maintained negative equity throughout the five-year period.
Despite the return to profitability, dividend payments to government declined by 29.36%, with only Ghana Reinsurance Company and TDC Company paying a combined GH¢16 million in dividends.
SIGA said the 2025 results mark an important turning point but stressed that the gains must translate into sustained efficiency, accountability and value creation for the Ghanaian taxpayer.