The Ghana Integrated Iron and Steel Development Corporation (GIISDEC) recorded a GH¢2.55 million net loss in 2025, reversing a GH¢43.78 million surplus recorded in 2024, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The deterioration followed a sharp decline in government funding, which fell by 80.30%, from GH¢58.72 million in 2024 to GH¢11.57 million in 2025.
As a result, GIISDEC’s total income declined by 79.58%, from GH¢58.93 million to GH¢12.03 million.
The Corporation’s internally generated funds, however, increased by 114.29%, rising from GH¢0.21 million in 2024 to GH¢0.45 million. SIGA attributed the increase largely to registration fees paid by prospective investors in Ghana’s iron and steel sector.
Despite the sharp fall in income, GIISDEC reduced total expenditure by 19.32% to GH¢14.57 million in 2025.
Liquidity remains weak
SIGA said GIISDEC’s short-term financial position remained weak.
The Corporation’s current ratio improved marginally from 0.19 times in 2024 to 0.22 times in 2025, but remained significantly below the benchmark of 1.0 times.
Operating cash flow also deteriorated, moving from a positive GH¢40.46 million in 2024 to a negative GH¢0.41 million in 2025.
Its short-term debt coverage consequently fell from 1.99 times to negative 0.05 times, indicating that operating cash flows were insufficient to cover current liabilities.
Asset base jumps
Despite the loss, GIISDEC’s total assets increased substantially from GH¢14.85 million in 2024 to GH¢79.92 million in 2025.
SIGA attributed the increase largely to the recognition of GH¢74.93 million in exploration and evaluation assets.
The recognition also helped increase the Corporation’s accumulated fund from GH¢4.10 million to GH¢70.30 million, representing a 1,614.63% increase.
GIISDEC remained free of interest-bearing debt, while its total reported liabilities stood at about GH¢9.62 million, including GH¢4.13 million in account payables.
Scrap metal and environmental initiatives
The report said GIISDEC did not report any quasi-fiscal activities in 2025.
However, it identified climate-smart initiatives linked to its Scrap Metal Policy, including the removal of abandoned scrap from river bodies and areas affected by illegal mining.
The Corporation also promotes scrap collection and recycling as an alternative raw material for steel production, which SIGA said could reduce waste, conserve natural resources and lower emissions associated with virgin ore extraction.
GIISDEC is wholly owned by the Ghanaian state and operates under the Ministry of Lands and Natural Resources.
