Ghana’s state-owned enterprises (SOEs) collectively achieved a GHS 19.8 billion profit in 2025. The State Interests and Governance Authority (SIGA) released this finding in its 2025 State Ownership Report. This comprehensive assessment details the financial, operational, and governance performance of Ghana’s specified entities.
This significant financial turnaround follows previous years where many state institutions recorded substantial losses. The report, titled “Resetting the Economy for a Better Ghana,” highlights entities that improved in revenue, profitability, assets, and service delivery. It also identifies institutions still struggling with losses, increasing liabilities, and weak internal revenue generation.
This positive financial shift for state entities is crucial for Ghana’s broader economic stability. It signals improved public finance management and potentially reduced reliance on government bailouts. The report’s findings align with ongoing government efforts to strengthen accountability and improve the contribution of state entities to the national economy. For instance, the Ghana Water Company Limited turned a GHS 3.06 billion loss into a GHS 635.23 million profit in 2025. Similarly, the Volta River Authority (VRA) reversed a GHS 106 million loss to record a GHS 88 million profit.
SIGA stated that the findings offer policymakers and the public a clearer understanding of state institutions' financial health. The report also assesses the implementation of government policies, institutional restructuring, and recapitalisation efforts. These reforms aim to enhance the sustainability and value creation of these vital public assets.
The improved performance of SOEs could lead to greater fiscal space for the government. This allows for increased investment in critical public services or infrastructure projects. Decision-makers will likely use this report to target further reforms and divestitures. The market will watch closely for sustained profitability and reduced financial risks from these entities. Continued oversight and strategic interventions will be essential to maintain this positive trajectory.
The report also highlighted specific successes and ongoing challenges. The Ghana Export-Import Bank (GEXIM Bank) saw its capital adequacy ratio rise to 75.3% in 2025. Its interest income surged by 90% to GHS 153.9 million. The Youth Employment Agency (YEA) recorded a GHS 110.4 million surplus after reversing a 2024 deficit. The Ghana Shippers’ Authority grew its surplus by 272%, with assets reaching GHS 979.92 million. Metro Mass Transit also returned to profit, with revenue rising to GHS 161.85 million. GOIL’s profit rose to GHS 90.67 million despite a 9% revenue decline.
However, challenges persist. The Electricity Company of Ghana (ECG) recorded liabilities of GHS 82.31 billion. SIGA flagged persistent financial risks for ECG and other entities. ECG, Graphic, and three other SOEs recorded losses every year from 2021 to 2025. SIGA has proposed the liquidation of the Ghana Railway Company and absorption of its staff into the Ghana Railway Development Authority (GRDA). Financial irregularities in some state institutions dropped significantly to GHS 7.69 billion in 2025, indicating some progress in accountability.
This comprehensive report provides a vital benchmark for future performance and accountability. It underscores the importance of strong governance and efficient operations within Ghana’s public sector. The government’s commitment to these reforms will determine the long-term success and economic impact of these entities.