By Boakye Stephen, Kumasi, Ghana | Reporting for Ghanaian News Canada
Ghana’s state-owned enterprises recorded a major financial turnaround in 2025, returning to profitability after four consecutive years of consolidated losses.
According to the State Interests and Governance Authority (SIGA), the sector posted a combined net profit after tax of GH¢19.80 billion, compared with a GH¢2.25 billion loss in 2024.
The recovery was supported by a 28.12 per cent increase in total revenue, which rose from GH¢137.64 billion to GH¢176.43 billion. Agriculture, manufacturing and infrastructure emerged among the strongest-performing sectors.
The figures are contained in SIGA’s 2025 State Ownership Report, which assessed 162 out of 175 approved state entities, including state-owned enterprises, joint ventures and other state institutions.
SIGA Director-General Prof Michael Kpessa-Whyte said the report captures the performance of state entities during the first year of President Mahama’s second administration.
“This edition is significant because it documents the performance of specified entities for the first year of President Mahama’s second administration,” he said.
“It gives a full picture of how these specified entities are contributing to the broader economic reset agenda, and it will help drive meaningful dialogue around the future of our State-Owned Enterprises, Joint Venture Companies and Other State Entities, ensuring they fulfil their potential as catalysts for economic growth and development.”
The report also recorded improved foreign-exchange performance and a significant reduction in finance costs.
However, SIGA cautioned that the broader recovery has not eliminated persistent weaknesses. Several enterprises continued to record losses, while others remained burdened by negative equity and major financial liabilities.
“The gains of FY2025 must not become a temporary rebound,” the report concluded.
“They must become the foundation for a more efficient, competitive, inclusive and sustainable State-owned sector that creates value for the Ghanaian taxpayer and contributes meaningfully to national development.”
COMMENTARY
The GH¢19.8 billion turnaround is a significant development, but the real measure of success will be sustainability. Ghana must now ensure that improved macroeconomic conditions are converted into lasting reforms, stronger governance and better returns for taxpayers.
