Mining site
Mining and minority joint venture companies (JVCs) in which the Government of Ghana holds minority interests recorded a GH¢61.32 billion net profit in 2025, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The performance represents a 191.1% increase from the GH¢21.06 billion net profit recorded by the sector in 2024.
The sector’s profit before interest and tax (PBIT) also increased by 160%, from GH¢35.07 billion in 2024 to GH¢91.17 billion in 2025.
Mining dominates performance
The report covers 18 mining and minority-interest JVCs operating across mining, agriculture, manufacturing, and financial and allied services.
Mining accounted for 86.68% of the sector’s GH¢364.74 billion total assets in 2025.
The mining sub-sector also generated GH¢86.60 billion, representing 94.98% of total PBIT, and GH¢57.24 billion, or 93.34% of the sector’s net profit.
The sector’s total revenue increased by 129.9% to GH¢232.76 billion, from GH¢101.25 billion in 2024.
Assets and liabilities increase
Total assets across the JVCs rose by 115.7%, from GH¢169.11 billion in 2024 to GH¢364.74 billion in 2025.
Total liabilities also increased by 68.6%, from GH¢88.57 billion to GH¢149.28 billion.
Current liabilities rose by 44.1% to GH¢89.00 billion, while total equity increased by 167.5% to GH¢215.45 billion.
The sector recorded a current ratio of 1.33:1, indicating that current assets exceeded current liabilities. Financial and Allied Services recorded the highest current ratio at 1.80:1, followed by Agriculture at 3.27:1. Mining recorded 1.18:1, while Manufacturing recorded 0.80:1.
The sector’s debt-to-assets ratio stood at 0.41:1.
Government dividend receipts rise
The Government received GH¢1.19 billion in dividends from 10 mining and minority-interest entities in 2025.
This represents a 13.29% increase from the GH¢1.05 billion received in 2024.
Mining companies accounted for 97.12% of the total dividend paid to government.
Gold Fields Tarkwa paid GH¢544.29 million, up from GH¢245.18 million in 2024, while Gold Fields Abosso paid GH¢152.44 million, compared with GH¢113.87 million the previous year.
Newmont Ghana Gold Limited paid GH¢176 million, down from GH¢519.77 million in 2024, while Newmont Golden Ridge Limited paid GH¢285.85 million, compared with GH¢81.12 million.
Perseus Mining (Ghana) Limited did not pay a dividend in 2025, compared with GH¢73.50 million in 2024.
Among the non-mining entities, African Reinsurance paid GH¢3.71 million, GHACEM GH¢29.30 million, GAFCO GH¢1.12 million and Savanna Cement GH¢0.28 million.
Government holds minority stakes
The report notes that the Government’s interests in the covered entities are generally limited to minority holdings. In mining companies, the government retains a 10% free-carried interest by law.
Entities covered include Gold Fields Ghana, AngloGold Ashanti Iduapriem, Newmont Mining Company, Asanko Gold Ghana, Adamus Resources, Ghana Manganese Company, Perseus Mining Ghana, Kinross Chirano Mining, Golden Star Wassa and Prestea Sankofa Gold, among others.
Government also holds minority interests in Benso Oil Palm Plantation, Ghana Cement Company, African Reinsurance Corporation, Shelter-Afrique and Standard Chartered Bank.
Overall, SIGA’s 2025 figures show a sharp improvement in the profitability and asset base of the mining and minority JVC sector, with the mining sub-sector accounting for the overwhelming share of profits, assets and dividend payments to government.
