Five state-owned enterprises (SOEs) in Ghana consistently recorded financial losses every year from 2021 to 2025. This critical finding comes from the State Interests and Governance Authority (SIGA).
The Electricity Company of Ghana (ECG) and Graphic Communications Group Company are among these five entities. The other consistently loss-making SOEs include Ghana Cylinder Manufacturing Company Limited, GNPA Limited, and Ghana Digital Centres Limited. These persistent losses present a significant risk to Ghana's state-owned sector, as detailed in SIGA's 2025 State Ownership Report.
This situation highlights ongoing challenges within Ghana's public sector. Despite an overall improvement in the financial performance of the state-owned sector in 2025, these five entities remain a drag. Their continued underperformance contributes to fiscal strain and diverts resources that could otherwise support national development. The government has often had to inject capital or guarantee loans for struggling SOEs, impacting public finances.
SIGA's 2025 State Ownership Report, released on Sunday, August 30, 2026, explicitly outlined these concerns. The Authority warned that persistent losses, negative equity, fiscal risks, and governance deficiencies within some entities could undermine the wider recovery of the state-owned sector. This official statement underscores the severity of the financial challenges faced by these public corporations.
The continued losses by these SOEs will likely trigger closer scrutiny from government and financial institutions. Decision-makers will need to consider strategic interventions, including restructuring, recapitalization, or even divestiture, to mitigate further financial haemorrhage. Investors and credit rating agencies will also monitor these developments closely, as they reflect on Ghana's overall economic health and fiscal discipline.
ECG's financial burden is particularly notable. The utility company accounted for GHS 82.31 billion of the total GHS 281.99 billion in liabilities recorded by all SOEs in 2025. This substantial liability represents a significant portion of the state's financial obligations. It places immense pressure on the national budget and potentially impacts the government's ability to fund other essential services.
The report further identified ECG, the Volta River Authority (VRA), and COCOBOD as leading contributors to a reduction in total SOE assets. Total assets across all SOEs fell by 5.86 per cent, decreasing to GHS 407.84 billion. This decline in asset value indicates a broader erosion of the state's economic holdings, which could affect future revenue generation and investment capacity.
Beyond the five consistently loss-making entities, SIGA also highlighted other enterprises facing severe financial distress. Six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries, and Tema Oil Refinery, maintained negative equity throughout the same five-year period. Negative equity means that a company's liabilities are greater than its assets, indicating a precarious financial position.
The persistent financial struggles of these SOEs have broader implications for Ghana's economy. They can lead to higher utility tariffs, increased taxes, or reduced public spending in other critical areas. Addressing these issues requires robust governance reforms, improved operational efficiency, and clear strategic direction for each state-owned entity. The government's commitment to fiscal consolidation will be tested by the need to reform these struggling enterprises.
The findings from SIGA's report serve as a crucial indicator for policymakers. They highlight the urgent need for comprehensive reforms to ensure the long-term viability and profitability of Ghana's state-owned sector. Without decisive action, these entities could continue to pose a substantial fiscal risk to the nation.