The State Interests and Governance Authority (SIGA) has released its 2025 State Ownership Report, providing an assessment of the financial and operational performance of Ghana’s state-owned and other specified entities.
The report covers 162 of the 175 specified entities under SIGA’s oversight and highlights a dramatic improvement in the profitability of State-Owned Enterprises (SOEs), while also drawing attention to persistent financial weaknesses in some entities, particularly within the power sector.
Here are 10 key findings from the report:
1. SOEs moved from a GH¢2.26bn loss to GH¢19.8bn profit
Ghana’s SOEs recorded a combined net profit after tax of GH¢19.8 billion in 2025, compared with a consolidated loss of GH¢2.26 billion in 2024.
This represents a 976.43% improvement. Aggregate revenue also increased by 28.12% to GH¢176.43 billion.
2. Stronger cedi boosted financial performance
The appreciation of the Ghana cedi contributed significantly to the improved financial results.
The cedi strengthened from GH¢14.70 to US$1 in December 2024 to GH¢10.45 in December 2025, while average annual inflation fell from 23.8% to 14.6%.
SOEs recorded GH¢11.72 billion in net exchange gains, while consolidated finance costs declined by 42.49%.
The figures suggest that the sector’s recovery was supported not only by operational improvements but also by a more favourable macroeconomic environment.
3. Five SOEs recorded losses throughout the five-year period
Despite the overall improvement, five entities — ECG, Ghana Cylinder Manufacturing Company, Graphic Communications Group, Ghana Digital Centre and GNPA Ltd. — recorded net losses in every year from 2021 to 2025.
The Electricity Company of Ghana (ECG) remained one of the biggest concerns, recording an average annual net loss of about GH¢291.80 million over the period.
4. ECG remains a major financial concern
ECG’s financial position remains particularly vulnerable.
Its debt-to-assets ratio stood at 0.99:1 in 2025, meaning its liabilities were almost equal to the value of its assets.
ECG had total assets of approximately GH¢82.75 billion, against liabilities of GH¢82.32 billion.
The Volta River Authority (VRA) also experienced a significant decline in equity, falling by 25.7%, from GH¢49.08 billion to GH¢36.44 billion.
5. Ten SOEs account for most of the sector’s financial activity
Although SIGA’s report covers 162 entities, just 10 SOEs accounted for 79.22% of total sector assets, valued at GH¢323.11 billion.
The same entities generated 81.09% of total SOE revenue.
This concentration means the performance of a relatively small group of large state companies has a major influence on the overall financial position of Ghana’s public enterprises.
6. State entities hold assets equivalent to more than 84% of GDP
The combined assets of specified entities amounted to an equivalent of 84.43% of Ghana’s nominal GDP, which stood at GH¢1.434 trillion in 2025.
SOEs alone held assets equivalent to 28.44% of nominal GDP.
The figures underline the importance of state-owned enterprises to Ghana’s fiscal management, economic stability and debt sustainability.
7. Other State Entities recorded a much wider deficit
The financial recovery among commercial SOEs was not replicated among Other State Entities (OSEs), including subvented and regulatory institutions.
Their combined deficit widened by 335.8%, from GH¢2.40 billion in 2024 to GH¢10.48 billion in 2025.
SIGA attributed much of the deterioration to a 47.18% decline in revenue, particularly internally generated funds.
8. GoldBod recorded significant growth following restructuring
The restructuring of the Precious Minerals Marketing Company (PMMC) into GoldBod was another major development highlighted by the report.
GoldBod received a GH¢4.55 billion government grant, contributing to a 274.7% increase in total assets to GH¢9.55 billion.
The entity also recorded an operating profit before interest and tax of GH¢896.52 million.
9. Recoverable financial irregularities fell by 86%
The report recorded a major improvement in financial controls.
Recoverable irregularities across the state enterprise sector fell by 85.6%, from GH¢15.57 billion in 2024 to approximately GH¢2.24 billion in 2025.
SIGA attributed the reduction largely to the Ministry of Finance’s implementation of commitment authorisation controls, which helped restrict unauthorised procurement and expenditure.
10. Women remain underrepresented in leadership
Employment across specified entities increased by 5.45% to 98,724 workers in 2025.
Female employment grew by 8.02%, compared with 4.39% for male employees.
However, women remain significantly underrepresented in senior leadership positions. They occupied only 28.45% of executive management positions and 21.75% of board seats in SOEs.
Overall picture
The 2025 SIGA report presents a mixed picture of Ghana’s state enterprise sector.
While the sharp turnaround from a GH¢2.26 billion loss to a GH¢19.8 billion profit is significant, the report also shows that the recovery is uneven. Persistent losses at entities such as ECG, financial pressures in the power sector and the widening deficit among Other State Entities remain major concerns.
The findings therefore highlight both progress in financial performance and accountability and the need for deeper reforms to ensure that Ghana’s state-owned enterprises remain financially sustainable and contribute effectively to the national economy.
