Ghana’s State-Owned Enterprise (SOE) sector recorded a major financial recovery in 2025, moving from a consolidated loss to a multibillion-cedi profit as revenues increased significantly across several key subsectors.
The latest performance report shows that total revenue generated by state-owned enterprises rose by 28.12% to GH¢176.43 billion in 2025, compared with GH¢137.64 billion recorded in 2024.
More significantly, the sector posted a consolidated net profit after tax of GH¢19.80 billion, reversing the GH¢2.25 billion net loss recorded in 2024.
The turnaround breaks a four-year cycle of consolidated net losses and marks a significant improvement in the financial position of Ghana’s state-owned sector.
Agriculture, manufacturing drive revenue growth
The strongest revenue growth came from the agricultural, manufacturing and infrastructure subsectors.
Agricultural SOEs recorded a 203.71% increase in revenue, while the manufacturing subsector grew by 114.74%. Infrastructure-related entities also recorded substantial growth of 92.24%.
The improved revenue performance translated into stronger operating results, with Profit Before Interest and Tax (PBIT) rising to GH¢25.49 billion in 2025.
That represents a significant recovery from the GH¢502 million loss recorded in 2023 and an improvement on the GH¢5.80 billion PBIT recorded in 2024.
Ten SOEs maintained profitability throughout the five years from 2021 to 2025. They include the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund and TDC Company Ltd.
Stronger cedi helps reduce foreign exchange losses
The performance of the sector was also supported by the stronger Ghana cedi, according to the report.
SOEs recorded net foreign exchange earnings of GH¢11.72 billion in 2025, a sharp turnaround from the GH¢12.01 billion foreign exchange loss recorded in 2024.
Finance costs also fell by 42.49%, helping to improve the bottom line of several entities.
The combination of stronger revenues, lower finance costs and favourable foreign exchange movements contributed significantly to the sector’s return to profitability.
Balance sheet remains under pressure
Despite the improved income and profitability figures, the sector’s overall balance sheet weakened slightly.
Total assets declined by 5.86% to GH¢407.84 billion, with the report attributing much of the reduction to the financial positions of the Electricity Company of Ghana (ECG), Volta River Authority and COCOBOD.
Total liabilities also declined by 4.31% to GH¢281.99 billion.
However, liabilities remain heavily concentrated in a few entities, with ECG alone accounting for GH¢82.31 billion.
The figures highlight the continuing financial exposure associated with some of Ghana’s largest state-owned enterprises.
Five SOEs recorded losses every year
The sector-wide profit also masks persistent financial challenges within a number of individual entities.
Five SOEs — ECG, Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre — recorded losses in every year from 2021 to 2025.
Six other entities, including AirtelTigo Ghana Ltd, Gihoc Distilleries and Tema Oil Refinery, maintained negative equity throughout the five-year period.
The figures suggest that while the overall SOE sector has improved considerably, the recovery has not been evenly distributed across all state-owned entities.
Government dividends remain low
Another concern highlighted by the report is the limited amount of dividends paid to government despite the sector’s return to profitability.
Only Ghana Reinsurance Company Ltd and TDC Company Ltd paid dividends to the government in 2025.
Their combined dividend payment amounted to GH¢16 million, representing a 29.36% decline compared with the previous year.
This means the improvement in aggregate profitability has yet to translate into stronger direct returns to the state.
SIGA wants gains sustained
Director-General of the State Interests and Governance Authority (SIGA), Prof. Michael Kpessa-Whyte, described the report as significant because it captures the performance of specified entities during the first year of President John Dramani Mahama’s second administration.
He said the findings provide a comprehensive picture of how state-owned enterprises and other specified entities are contributing to the government’s broader economic reset agenda.
According to Prof. Kpessa-Whyte, the report should also support discussions about restructuring and improving the performance of SOEs, Joint Venture Companies and Other State Entities.
The ultimate objective, he said, should be to ensure that state-owned entities operate as sustainable businesses capable of contributing meaningfully to Ghana’s economic development.
The report cautions that the gains recorded in 2025 should not be treated as a temporary recovery.
Instead, the improved performance should provide a foundation for building a more efficient, competitive and sustainable state-owned sector that creates value for taxpayers and supports national development.
The 2025 figures therefore present a mixed picture: Ghana’s SOEs have achieved a substantial sector-wide financial turnaround, but persistent losses, negative equity and high liabilities at several entities remain major challenges.
 sector recorded a major financial recovery in 2025, moving from a consolidated loss){kind=link}