The State Interests and Governance Authority (SIGA) has published its 2025 State Ownership Report, detailing a significant financial and operational rebound across Ghana’s state-owned sector following years of persistent losses.

The 10th edition of the flagship report, which is the fifth released since SIGA’s establishment in 2019, covered 162 out of 175 approved Specified Entities.

These include 53 State-Owned Enterprises (SOEs), 36 Joint Venture Companies (JVCs), and 73 Other State Entities (OSEs).

Total SOE revenue climbed by 28.12 per cent to GH¢ 176.43 billion in FY2025, up from GH¢ 137.64 billion the previous year, largely driven by strong growth in the agricultural, manufacturing, and infrastructure sub-sectors. Profit Before Interest and Tax reached GH¢ 25.49 billion, marking a firm recovery after a loss of GH¢ 502.00 million in FY2023. Most notably, the SOE sector broke a four-year cycle of consolidated net losses to close the year with a Net Profit after Tax of GH¢ 19.80 billion, reversing the GH¢ 2.25 billion net loss recorded in FY2024.

Speaking on the performance, the Director-General of SIGA, Prof Michael Kpessa-Whyte, noted that the report highlights the sector’s contribution to the country’s economic direction.

“This edition is significant because it documents the performance of Specified Entities for the first year of President Mahama’s second administration,” Prof. Kpessa-Whyte stated.

“It gives a full picture of how these Specified Entities are contributing to the broader economic reset agenda, and it will help drive meaningful dialogue around the future of our State-Owned Enterprises, Joint Venture Companies and Other State Entities, ensuring they fulfil their potential as catalysts for economic growth and development.”

The report highlighted sustained profitability over a five-year period for several key entities, including the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund, and TDC Company Ltd. A stronger local currency further supported the sector, generating net foreign exchange earnings of GH¢ 11.72 billion compared to a GH¢ 12.01 billion loss in FY2024.

Despite the overall gains, SIGA cautioned that financial risks remain concentrated in specific entities. Five SOEs—including the Electricity Company of Ghana (ECG), Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company, and Ghana Digital Centre—recorded losses every year between FY2021 and FY2025. Additionally, six entities continue to carry negative equity, while dividend payments to the government dropped by 29.36 per cent, with only Ghana Reinsurance Company Ltd and TDC Company Ltd paying a combined GH¢ 16.00 million.

Joint Venture Companies also sustained positive momentum, recording a 36.55 per cent increase in net profit to GH¢ 3.14 billion. Minority-interest JVCs emerged as the primary source of state dividends, contributing GHS1.19 billion, which represents 97.12 per cent of all dividends received across the portfolio. Conversely, Other State Entities experienced mounting financial pressure, with their net deficit widening to GH¢10.48 billion, driven substantially by the Bank of Ghana’s negative equity position of GH¢93 billion.

The operational improvements occurred alongside an easing macroeconomic environment, marked by a 6.0 per cent real GDP growth rate and falling interest rates.

However, the report warned against complacency as the sector transitions from recovery to long-term stability.

“The gains of FY2025 must not become a temporary rebound,” the report concluded. “They must become the foundation for a more efficient, competitive, inclusive and sustainable State-owned sector that creates value for the Ghanaian taxpayer and contributes meaningfully to national development.”