Ghana’s State-Owned Enterprises (SOEs) recorded a combined GH¢19.80 billion net profit after tax in 2025, reversing a GH¢2.25 billion net loss in 2024, according to the latest State Ownership Report by the State Interests and Governance Authority (SIGA).
The report, released on August 30, 2026, covers 162 of Ghana’s 175 approved Specified Entities, including 53 SOEs, 36 Joint Venture Companies and 73 Other State Entities.
SOE revenue increased by 28.12% to GH¢176.43 billion in 2025, from GH¢137.64 billion in 2024. Profit before interest and tax also rose to GH¢25.49 billion.
SIGA attributed the improved performance partly to stronger results in the agricultural, manufacturing and infrastructure subsectors, as well as improved foreign exchange conditions and lower finance costs.
SOEs recorded GH¢11.72 billion in net foreign exchange earnings in 2025, compared with a GH¢12.01 billion foreign exchange loss in 2024. Finance costs also declined by 42.49%.
Despite the overall improvement, SIGA said significant risks remain. Five SOEs — ECG, Ghana Cylinder Manufacturing Company, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre — recorded losses in every year from 2021 to 2025.
The report also noted that six entities, including AirtelTigo Ghana, GIhOC Distilleries and Tema Oil Refinery, maintained negative equity throughout the five-year period.
Government dividend receipts from SOEs also fell, with only Ghana Reinsurance Company and TDC Company Ltd paying a combined GH¢16 million, representing a 29.36% decline from 2024.
Meanwhile, Joint Venture Companies recorded a 36.55% increase in net profit to GH¢3.14 billion, while Other State Entities recorded a widened net deficit of GH¢10.48 billion.
SIGA Director-General Prof. Michael Kpessa-Whyte said the 2025 report provides a basis for assessing the performance of state entities and shaping reforms to ensure they contribute more effectively to Ghana’s economic development.
