State-owned enterprises (SOEs) in Ghana recorded a total revenue of GH¢176.43 billion in 2025, representing a 28.12 per cent increase in the GH¢137.64 billion figure recorded in 2024.

Net Profit after Tax reached GH¢19.80 billion in the 2025 financial year, compared with GH¢2.25 billion Net Loss after Tax, recorded in the 2024 financial year. Profit Before Interest and Tax also rose to GHC¢25.49 billion.

The 2025 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA) on Monday said the agriculture, manufacturing, and infrastructure sub-sectors contributed significantly to the growth.

The 2025 report covered 162 Specified Entities, comprising 53 SOEs, 36 Joint Venture Companies (JVCs), and 73 Other State Entities (OSEs).

The annual report, which highlights financial and operational performances, serves as a resource for policymakers, stakeholders and the public in shaping the future of Ghana’s SOEs, JVCs and OSEs.

According to the report, SOEs, including the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, and BOST Energies Company, Minerals Income Investment Fund, and TDC Company Ltd, had sustained profitability for the past five years.

The performance of the cedi was said to have reduced the finance cost of SOEs by 42.49 per cent as SOEs recorded net foreign exchange earnings of GHC11.72 billion in the 2025 financial year, compared with the GHC12.01 billion foreign exchange loss recorded in 2024.

“Balance sheets contracted modestly, with total assets down 5.86% to GHC407.84 billion led by the Electricity Company of Ghana (ECG), Volta River Authority and COCOBOD, and total liabilities down 4.31% to GHC281.99 billion, of which ECG alone accounted for GHC82.31 billion,” it said.

SIGA said five SOEs, including ECG, Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre recorded losses every year from 2021 to 2025, while six entities, including AirtelTigo Ghana Ltd, GIHOC Distilleries and Tema Oil Refinery had carried negative equity throughout the same period.

“Dividend payments to government also declined, with only two SOEs – Ghana Reinsurance Company Ltd and TDC Company Ltd – paying a combined GHC16.00 million, down 29.36 per cent on FY2024,” it added.

The report noted that Other State Entities continued to face mounting pressure as net deficit in that sector reached GHC10.48 billion in 2025, a sharp increase from the GHC2.18 billion figure recorded in 2024.

“While total assets grew 60.15% to GHC310.62 billion, liabilities rose faster still, up 41.83% to GHC323.17 billion, and the sub-sector’s accumulated fund swung to a negative GHC41.14 billion from a positive GHS15.47 billion.

“This is a shift driven substantially by the Bank of Ghana’s negative equity position of GHC93 billion,” it said.

Meanwhile, total assets of Joint Venture Companies reached GHC96.69 billion in 2025 while net profit, excluding minority interest, moved from GHC2.29 billion in 2024 to GHC3.14 billion in 2025.

“Minority-interest JVCs performed even more strongly, with net profit climbing to GHC61.32 billion in FY2025 from GHC21.06 billion in FY2024,” the report said.

“These minority interest companies were also the dominant source of dividends to government, contributing GHC1.19 billion, which represents 97.12% of all dividends received across the portfolio.”

Professor Michael Kpessa-Whyte, the Director-General of SIGA, said the report would help drive meaningful dialogue around the future of SOEs, JVCs and OES, and ensure they fulfilled their potential as catalysts for economic growth and development.

The Authority emphasised stronger accountability, disciplined capital allocation, and decisive action, and urged Specified Entities to move from recovery to resilience, from compliance to performance, and from state ownership to sustainable value creation.