Accra: The Electricity Company of Ghana (ECG) has emerged as the largest contributor to the debt burden of Ghana's State-Owned Enterprises (SOEs), with liabilities amounting to GHS82.31 billion as revealed in the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA).
According to Ghana Web, the report indicates that while the total liabilities of SOEs decreased by 4.31% to GHS281.99 billion in 2025, ECG's debt alone accounted for a substantial portion of this figure. This comes amid an overall improvement in the financial performance of SOEs, which reported a net profit after tax of GHS19.80 billion, a significant turnaround from a net loss of GHS2.25 billion in 2024.
Despite the sector's improved performance, SIGA warned that several state-owned entities still face significant financial challenges. ECG was identified among five SOEs, including the Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company, and Ghana Digital Centre, that have consistently recorded losses from 2021 to 2025. Additionally, entities like AirtelTigo Ghana Ltd, GIHOC Distilleries, and Tema Oil Refinery have maintained negative equity throughout the same period.
The 2025 report highlighted a notable increase in revenue and profitability for SOEs, with total revenue rising by 28.12% to GHS176.43 billion, driven largely by growth in agricultural, manufacturing, and infrastructure subsectors. Profit Before Interest and Tax also showed improvement, reaching GHS25.49 billion after a loss of GHS502 million in 2023. Furthermore, the sector reversed a GHS12.01 billion foreign exchange loss from 2024, recording net foreign exchange earnings of GHS11.72 billion in 2025.
Despite these financial gains, SIGA noted a decline in dividend payments to the government. Only two entities, Ghana Reinsurance Company Ltd and TDC Company Ltd, paid dividends, contributing a combined GHS16 million, marking a 29.36% decrease from the previous year.
Professor Michael Kpessa-Whyte, SIGA's Director-General, emphasized the report's significance in assessing the contributions of state-owned entities to President Mahama's economic agenda. He noted that the report serves as a guide for discussions on enhancing the effectiveness of state-owned entities in contributing to Ghana's economic development.
The report also highlighted an improved macroeconomic environment, with real GDP growth reaching 6.0% in 2025. However, SIGA cautioned that the financial gains must lead to sustainable improvements in efficiency, governance, and value creation within the state-owned sector.
SIGA underscored the need for stronger accountability, disciplined capital allocation, and decisive action against consistently underperforming entities to ensure that the gains of 2025 lay the foundation for a more effective and sustainable state-owned sector that benefits the Ghanaian taxpayer and supports national development.