The Electricity Company of Ghana (ECG) held GHS 82.31 billion in liabilities during the 2025 financial year. This significant amount was disclosed by the State Interests and Governance Authority (SIGA) in its 2025 State Ownership Report. ECG’s liabilities represent a substantial portion of the total GHS 281.99 billion in liabilities across all state-owned enterprises (SOEs).
ECG's substantial debt burden comes despite an overall improvement in Ghana's state-owned sector. The company was among five SOEs that consistently recorded losses from 2021 to 2025. These persistent losses highlight deep-seated financial challenges within the critical power distributor. The report also identified ECG as a major contributor to the 5.86 percent decline in total SOE assets, which fell to GHS 407.84 billion in 2025.
This situation unfolds against a backdrop of a broader turnaround for Ghana’s state-owned sector. Total SOE revenue increased by 28.12 percent, rising from GHS 137.64 billion in 2024 to GHS 176.43 billion in 2025. The sector also achieved a consolidated net profit after tax of GHS 19.80 billion, reversing a GHS 2.25 billion net loss in 2024. This positive shift was partly aided by the cedi's appreciation, which led to GHS 11.72 billion in net foreign-exchange earnings for SOEs.
SIGA Director-General Professor Michael Kpessa-Whyte stated the report would foster public discussion on state entities' future. He emphasized its role in showing how Specified Entities contribute to the broader economic reset agenda. Professor Kpessa-Whyte believes it will drive meaningful dialogue about SOEs fulfilling their potential as economic growth catalysts. This statement underscores the government's commitment to improving SOE performance and accountability.
SIGA cautioned that the sector’s overall recovery should not hide the ongoing issues of some entities. The Authority called for stronger accountability, disciplined capital allocation, and decisive intervention for underperforming entities. This means that while the sector as a whole shows promise, specific companies like ECG require targeted solutions. The report stressed that the gains of 2025 must become a foundation for a more efficient and sustainable state-owned sector. This will create value for Ghanaian taxpayers and contribute to national development.
The persistent financial risks at ECG could impact Ghana's energy sector stability and public finances. Decision-makers will need to implement robust strategies to address ECG's liabilities and operational inefficiencies. Investors and financial markets will closely watch how the government tackles these specific challenges. The long-term health of the power sector depends on these critical interventions. This situation also affects consumers, who rely on a stable and affordable electricity supply. The government's economic reset agenda hinges on the successful reform of key SOEs like ECG.
The report also noted that dividend payments by SOEs to the government declined by 29.36 percent. Only Ghana Reinsurance Company Limited and TDC Company Limited paid dividends in 2025. Their combined contribution was a mere GHS 16 million. This low dividend payout further stresses the need for improved financial performance across the SOE landscape. The government expects SOEs to contribute more significantly to national revenue. Addressing these issues is crucial for Ghana's economic stability and growth.