Five state-owned enterprises (SOEs), including the Electricity Company of Ghana (ECG) and Graphic Communications Group Company, recorded losses in every financial year between 2021 and 2025, the State Interests and Governance Authority (SIGA) has disclosed.

The other consistently loss-making entities were Ghana Cylinder Manufacturing Company Limited, GNPA Limited and Ghana Digital Centres Limited.

This was contained in SIGA’s 2025 State Ownership Report, released on Sunday, August 30, 2026.

According to the report, the persistent losses recorded by the five entities remain a significant source of risk to Ghana’s state-owned sector, despite an overall improvement in its financial performance in 2025.

ECG also accounted for GH¢82.31 billion of the GH¢281.99 billion in total liabilities recorded by SOEs during the year.

The report further identified ECG, the Volta River Authority and COCOBOD as the leading contributors to a 5.86 per cent reduction in total SOE assets, which fell to GH¢407.84 billion.

SIGA also disclosed that six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, maintained negative equity throughout the same five-year period.

The Authority warned that persistent losses, negative equity, fiscal risks and governance deficiencies within some entities could undermine the wider recovery of the state-owned sector.

Below is a summary of the report issued by SIGA.