State-Owned Enterprises (SOEs) in Ghana recorded a combined revenue of GH¢176.43 billion in 2025, representing a 28.12 per cent increase from the GH¢137.64 billion recorded in 2024.

The strong revenue performance was accompanied by a significant turnaround in profitability, with SOEs posting a net profit after tax of GH¢19.80 billion in 2025, compared with a net loss after tax of GH¢2.25 billion in the previous year.

Profit before interest and tax also increased to GH¢25.49 billion during the year.

The figures are contained in the 2025 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA) on Monday.

SIGA attributed much of the growth to improved performance in the agriculture, manufacturing and infrastructure subsectors.

The report covered 162 specified entities, comprising 53 SOEs, 36 Joint Venture Companies (JVCs) and 73 Other State Entities (OSEs).

It provides an assessment of the financial and operational performance of the entities and is intended to support policymakers, stakeholders and the public in evaluating the performance and future direction of state-owned businesses.

According to the report, 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 maintained profitability consistently over the past five years.

SIGA also reported that the performance of the cedi contributed to a substantial reduction in the finance costs of SOEs.

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

Despite the improved earnings, however, the balance sheets of SOEs contracted moderately during the year.

Total assets declined by 5.86 per cent to GH¢407.84 billion, with the Electricity Company of Ghana (ECG), Volta River Authority and COCOBOD accounting for much of the decline.

Total liabilities also fell by 4.31 per cent to GH¢281.99 billion, with ECG alone accounting for GH¢82.31 billion.

The report identified persistent financial difficulties among some entities. Five SOEs, including ECG, Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre, recorded losses in every year between 2021 and 2025.

Six entities, including AirtelTigo Ghana Ltd, GIHOC Distilleries and Tema Oil Refinery, also maintained negative equity throughout the five-year period.

Dividend payments to government declined during the year, with only Ghana Reinsurance Company Ltd and TDC Company Ltd paying dividends.

The two entities paid a combined GH¢16.00 million, representing a 29.36 per cent decline from the amount recorded in 2024.

Other state entities under pressure

The report said Other State Entities (OSEs) continued to face significant financial pressure, with the sector recording a net deficit of GH¢10.48 billion in 2025, up sharply from GH¢2.18 billion in 2024.

Although total assets in the sector increased by 60.15 per cent to GH¢310.62 billion, liabilities grew by 41.83 per cent to GH¢323.17 billion.

The sector’s accumulated fund consequently swung from a positive GH¢15.47 billion to a negative GH¢41.14 billion.

SIGA attributed the development largely to the Bank of Ghana’s negative equity position of GH¢93 billion.

JVCs record stronger performance

Joint Venture Companies also recorded improved financial results in 2025, with total assets reaching GH¢96.69 billion.

Net profit, excluding minority interest, increased from GH¢2.29 billion in 2024 to GH¢3.14 billion in 2025.

The performance of JVCs with minority interests was even stronger, with net profit rising to GH¢61.32 billion in 2025 from GH¢21.06 billion in 2024.

The entities also emerged as the largest contributors to government dividend income, paying GH¢1.19 billion, representing 97.12 per cent of all dividends received across the state portfolio.

Director-General of SIGA, Professor Michael Kpessa-Whyte, said the report would help stimulate meaningful discussions on the future of SOEs, JVCs and OSEs and their potential contribution to Ghana’s economic growth.

He said the Authority remained focused on strengthening accountability, improving capital allocation and taking decisive action to enhance the performance of specified entities.

SIGA urged the entities to move beyond recovery towards resilience, from compliance to performance, and from state ownership towards sustainable value creation.