The Electricity Company of Ghana (ECG) accounted for GH¢82.31 billion of the total liabilities held by Ghana’s state-owned enterprises (SOEs) in the 2025 financial year, according to the State Interests and Governance Authority (SIGA).

The figure was disclosed in SIGA’s 2025 State Ownership Report, released on Sunday, August 30, 2026.

According to the report, the combined liabilities of SOEs declined by 4.31 per cent to GH¢281.99 billion in 2025, with ECG alone accounting for GH¢82.31 billion.

The Authority warned that, despite an overall improvement in the state-owned sector, significant financial risks remained concentrated in a small number of entities.

ECG was among five SOEs that recorded losses in each financial year from 2021 to 2025. The other consistently loss-making entities were Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company and Ghana Digital Centres Limited.

The report also identified ECG, the Volta River Authority and COCOBOD as the leading contributors to the 5.86 per cent decline in the total assets of SOEs, which fell to GH¢407.84 billion in 2025.

ECG’s financial position comes amid a broader turnaround within Ghana’s state-owned sector. Total SOE revenue increased by 28.12 per cent from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.

The sector also ended four consecutive years of consolidated net losses, recording a net profit after tax of GH¢19.80 billion, compared with a GH¢2.25 billion net loss in 2024.

Profit before interest and tax rose to GH¢25.49 billion, continuing the sector’s recovery from a GH¢502 million loss in 2023 and a partial rebound of GH¢5.80 billion in 2024.

The appreciation of the cedi contributed to the improvement, with SOEs recording net foreign-exchange earnings of GH¢11.72 billion. This reversed the GH¢12.01 billion foreign-exchange loss registered in 2024, while finance costs declined by 42.49 per cent.

However, SIGA cautioned that the sector’s overall recovery should not obscure the persistent losses, negative equity and governance weaknesses affecting some entities.

Six state enterprises, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, maintained negative equity throughout the five years from 2021 to 2025.

Dividend payments by SOEs to the government also declined by 29.36 per cent. Only Ghana Reinsurance Company Limited and TDC Company Limited paid dividends in 2025, contributing a combined GH¢16 million.

Read Also: Ghana’s state-owned enterprises return to profit with GH¢19.8bn gain in 2025 — SIGA

SIGA Director-General Prof Michael Kpessa-Whyte said the report would support public discussion about the future and performance of state entities.

“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,” he said.

SIGA called for stronger accountability, disciplined capital allocation and decisive intervention in entities that had consistently underperformed.

“The gains of FY2025 must not become a temporary rebound,” the report stated.

“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.”

Below is the summary of the report.