Ghana’s state-owned enterprises (SOEs) recorded a major financial turnaround in 2025, with several entities posting billions of cedis in net profit, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).

The report, released on September 1, 2026, shows that the SOE sector recorded a combined net profit after tax of GH¢19.80 billion in 2025, reversing a net loss of GH¢2.25 billion recorded in 2024.

Revenue also increased by 28.12%, rising from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.

Based on the 2025 financial results, these are the 10 biggest profit-making state-owned entities highlighted in the report:

1. Ghana Cocoa Board (COCOBOD) – GH¢5.11 billion

COCOBOD emerged as the biggest profit maker among the state-owned entities, recording a net profit of GH¢5.11 billion in 2025.

This marked a major turnaround from the GH¢5.73 billion loss recorded in 2024.

The cocoa regulator’s operating revenue also increased sharply from GH¢15.80 billion in 2024 to GH¢48.62 billion in 2025, supported by higher cocoa purchases, as well as stronger export and domestic sales.

2. Ghana National Petroleum Corporation (GNPC) – GH¢4.50 billion

The Ghana National Petroleum Corporation recorded a net profit of approximately GH¢4.50 billion in 2025.

The result placed GNPC among the strongest-performing state-owned entities and one of the biggest contributors to the overall improvement in the financial position of the SOE sector.

3. Ghana Ports and Harbours Authority (GPHA) – GH¢2.82 billion

The Ghana Ports and Harbours Authority recorded a net profit of about GH¢2.82 billion in 2025.

GPHA was also among the state-owned entities that remained profitable throughout the five-year period covered by the SIGA assessment.

4. Minerals Income Investment Fund (MIIF) – GH¢1.14 billion

The Minerals Income Investment Fund posted a net profit of approximately GH¢1.14 billion in 2025.

MIIF was also identified among the entities that maintained profitability throughout the five-year period under review.

10 most expensive neighbourhoods to live in Accra

5. Tema Oil Refinery (TOR) – GH¢1.09 billion

Tema Oil Refinery recorded one of the biggest financial turnarounds among the state-owned enterprises in 2025.

The refinery moved from a GH¢745 million loss in 2024 to about GH¢1.09 billion in profit in 2025.

The performance was described as the refinery’s strongest financial result in almost a decade.

6. Ghana Gold Board (GoldBod) – GH¢896.52 million

The Ghana Gold Board recorded a net profit of GH¢896.52 million in 2025, its first year of operation under the new structure.

The figure placed GoldBod among the top profit-making state-owned entities for the year.

Its financial performance has, however, also featured prominently in discussions about the operations of the gold trading institution and its role in Ghana’s foreign exchange market.

7. Bui Power Authority – about US$66.2 million

Bui Power Authority recorded a net profit of US$66.2 million in 2025 on revenue of about US$145.9 million.

The authority generated 1,438 gigawatt-hours of electricity during the year, exceeding its annual target of 1,350GWh by 6.5%.

Its installed solar capacity also increased from 55MWp to 105MWp during the year.

8. BOST Energies – GH¢683.96 million

BOST Energies recorded a net profit of approximately GH¢683.96 million in 2025.

The result placed the company among the stronger-performing state-owned companies during the year.

BOST Energies was also among the entities identified by SIGA as having remained profitable throughout the five-year period under review.

9. Ghana Water Limited – GH¢635.23 million

Ghana Water Limited returned to profitability in 2025 after recording a GH¢3.06 billion loss in 2024.

The company posted a net profit of GH¢635.23 million in 2025.

SIGA’s figures, however, show that a significant part of the turnaround was linked to a GH¢2.05 billion foreign exchange gain recorded during the year.

10. Ghana Grid Company Limited (GRIDCo) – GH¢584.46 million

Ghana Grid Company Limited recorded a net profit of GH¢584.46 million in 2025, up from GH¢309.23 million the previous year.

Despite the increase in net profit, GRIDCo’s core operating performance weakened during the period.

Its operating profit fell sharply from GH¢955.19 million in 2024 to GH¢100.82 million in 2025.

The increase in net profit was largely supported by a significant rise in finance income.

Overall, SIGA reported that 34 of the 53 SOEs assessed recorded profits in 2025, contributing to the sector’s return to profitability.

The authority also attributed part of the improvement to foreign exchange gains and lower financing costs.

SOEs recorded net foreign exchange earnings of GH¢11.72 billion in 2025, compared with a GH¢12.01 billion foreign exchange loss in 2024.

Finance costs also fell by 42.49% during the year.

Despite the strong performance, SIGA’s report shows that profitability remains uneven across the state-owned enterprise sector.

Ghana Must Integrate AI Into Existing Government Systems - Seth Terkper


ANAS/MA