Accra: Ghana's State-Owned Enterprises (SOEs) have returned to profitability after recording a combined net profit of GHS19.80 billion in 2025, reversing a net loss of GHS2.25 billion recorded in the previous year. The significant turnaround is contained in the 2025 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA).
According to Ghana Web, the report, which assesses the performance of 162 of Ghana's 175 approved Specified Entities, shows that the SOE sector broke a four-year cycle of consolidated net losses in 2025. Total SOE revenue increased by 28.12%, rising from GHS137.64 billion in 2024 to GHS176.43 billion in 2025. The growth was largely driven by the agricultural, manufacturing, and infrastructure subsectors, which recorded increases of 203.71%, 114.74%, and 92.24%, respectively.
Profit Before Interest and Tax rose to GHS25.49 billion, continuing a four-year recovery from a loss of GHS502 million in 2023 and a partial rebound of GHS5.80 billion in 2024. The report attributed part of the improved financial performance to stronger foreign exchange earnings and lower financing costs. SOEs recorded net foreign exchange earnings of GHS11.72 billion in 2025, compared with a foreign exchange loss of GHS12.01 billion in 2024. Finance costs also fell by 42.49% during the year.
SIGA Director-General, Professor Michael Kpessa-Whyte, stated that the 2025 report is particularly important because it captures the performance of state entities during the first year of President John Dramani Mahama's second administration. He emphasized that the report would help stakeholders assess the contribution of state-owned entities to the government's economic program and foster meaningful dialogue around the future of these entities.
The positive performance extended to Ghana's Joint Venture Companies (JVCs), which also built on gains recorded in the previous year. Net profit, excluding minority interest, increased by 36.55% to GHS3.14 billion in 2025 from GHS2.29 billion in 2024. Total assets of JVCs grew by 25.99% to GHS96.69 billion. Minority-interest JVCs recorded an even stronger performance, with net profit increasing from GHS21.06 billion in 2024 to GHS61.32 billion in 2025. These companies were also the dominant source of dividends to the government, contributing GHS1.19 billion, representing 97.12% of all dividends received across the portfolio.
Despite the overall improvement, SIGA warned that several state entities continue to face serious financial challenges. The Other State Entities (OSEs) sub-sector recorded a net deficit of GHS10.48 billion in 2025, up sharply from GHS2.18 billion in 2024. Its liabilities also rose 41.83% to GHS323.17 billion, while its accumulated fund fell from a positive GHS15.47 billion to a negative GHS41.14 billion. SIGA attributed the shift substantially to the Bank of Ghana's negative equity position of GHS93 billion.
Within the SOE sector, five entities, including the Electricity Company of Ghana (ECG) and Ghana Cylinder Manufacturing Company Ltd, recorded losses every year from 2021 to 2025. Dividend payments to the government declined, with only Ghana Reinsurance Company Ltd and TDC Company Ltd paying a combined GHS16 million in 2025, a decline of 29.36% from 2024.
SIGA emphasized that the 2025 performance should be seen as a turning point rather than the end of the challenges facing the state-owned sector. The Authority stated that the sector must now focus on building long-term resilience and sustainable value. The report concluded that the gains made in 2025 should form the basis for further improvements in the management of state-owned entities, ensuring they create value for the Ghanaian taxpayer and contribute to national development.