Ghana’s state-owned enterprises (SOEs) collectively reported a net profit of GHS 19.8 billion in 2025. This significant financial turnaround follows a GHS 2.25 billion net loss recorded in 2024, ending a four-year period of consolidated losses for the sector.
The State Interests and Governance Authority (SIGA) published these findings in its 2025 State Ownership Report. This tenth edition of Ghana’s assessment of Specified Entities highlights a major improvement in financial health. The report covers 162 out of 175 approved entities, including 53 SOEs, 36 Joint Venture Companies (JVCs), and 73 Other State Entities (OSEs).
This positive shift aligns with Ghana's broader economic recovery efforts and improved macroeconomic conditions. Real Gross Domestic Product (GDP) growth reached six percent in 2025. The Monetary Policy Rate also declined from 27 percent to 18 percent, easing borrowing costs. The average lending rate fell from 30.25 percent to 20.4 percent by December 2025, creating a more favorable business environment.
SIGA Director-General, Professor Michael Kpessa-Whyte, described the 2025 report as highly significant. He noted it captures the first year of performance under President John Dramani Mahama’s second administration. Professor Kpessa-Whyte stated the report would inform discussions on improving SOE performance and their contribution to economic growth.
The improved financial performance of SOEs signals a potential for increased government revenue and reduced fiscal burden. However, decision-makers must address persistent challenges within the sector. Continuous monitoring and strategic interventions are crucial to ensure this recovery is sustainable and not merely a temporary rebound.
Total SOE revenue increased by 28.12 percent, rising from GHS 137.64 billion in 2024 to GHS 176.43 billion in 2025. This growth was primarily driven by strong performances in key economic sectors. The agricultural subsector saw a revenue increase of 203.71 percent, while manufacturing grew by 114.74 percent. Infrastructure also contributed significantly, recording a 92.24 percent revenue increase.
Profit before interest and tax for SOEs rose to GHS 25.49 billion, continuing a recovery trend. This follows a GHS 502 million loss in 2023 and a GHS 5.80 billion profit in 2024. A stronger cedi also played a vital role in the improved results. SOEs recorded net foreign exchange earnings of GHS 11.72 billion, a stark contrast to the GHS 12.01 billion foreign exchange loss in 2024. Finance costs also decreased by 42.49 percent during the year, further boosting profitability.
Despite the overall positive trend, SIGA cautioned that significant challenges remain within the state-owned sector. Five SOEs, including the Electricity Company of Ghana (ECG) and Graphic Communications Group Company, recorded losses every year from 2021 to 2025. Additionally, six entities, such as AirtelTigo Ghana Limited and Tema Oil Refinery, maintained negative equity throughout the five-year period. Dividend payments to the government also declined, with only Ghana Reinsurance Company Limited and TDC Company Limited paying a combined GHS 16 million.
Joint Venture Companies (JVCs) also showed improved performance, with net profit increasing by 36.55 percent to GHS 3.14 billion. Their total assets grew by 25.99 percent to GHS 96.69 billion. Minority-interest JVCs contributed GHS 1.19 billion, representing 97.12 percent of total dividends received by the government from the portfolio. However, Other State Entities (OSEs) faced a less favorable outcome. Their net deficit widened from GHS 2.18 billion in 2024 to GHS 10.48 billion in 2025. Total liabilities for OSEs increased by 41.83 percent to GHS 323.17 billion. Their accumulated funds swung from a positive GHS 15.47 billion to a negative GHS 41.14 billion. The report identified the Bank of Ghana’s negative equity position of GHS 93 billion as a major factor in this deterioration.
Employment across Specified Entities increased by 5.45 percent, adding 5,104 jobs for a total of 98,724 workers. Women accounted for 30.02 percent of the workforce, up from 29.30 percent in 2024. SIGA emphasized that the 2025 results represent an important recovery. However, it stressed that state-owned entities must now focus on achieving sustainable value creation. This requires stronger accountability, disciplined capital allocation, and performance-driven governance. The report concluded that the gains of 2025 must not be a temporary rebound but a foundation for a more efficient, competitive, inclusive, and sustainable state-owned sector.