SOEs generate GH¢176.4bn in revenue in 2025
Ghana’s State-Owned Enterprises have returned to profit after four years of losses.
According to the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA) on August 30, 2026, total revenue for SOEs increased by 28.12% to GH¢176.43 billion from GH¢137.64 billion in 2024.
The sector recorded profit before interest and tax of GH¢25.49 billion and consolidated net profit after tax of GH¢19.80 billion, compared to a net loss of GH¢2.25 billion in 2024.
The report is the 10th edition and covers 162 out of 175 approved entities, made up of 53 SOEs, 36 Joint Venture Companies and 73 Other State Entities.
SIGA Director-General Prof Michael Kpessa-Whyte said this edition is significant because it documents performance in the first year of President Mahama’s second administration and how they contributed to the economic reset agenda.
The improved performance was supported by strong growth in agriculture, manufacturing and infrastructure. A stronger cedi also helped. Net foreign exchange earnings were GH¢11.72 billion compared to a loss of GH¢12.01 billion the previous year. Finance costs fell by 42.49%.
Despite the improvement, challenges remain. Five SOEs, including Electricity Company of Ghana and Ghana Digital Centre recorded losses every year from 2021 to 2025. Six entities remained in negative equity throughout that period.
Government dividend income also declined. Only Ghana Reinsurance Company and TDC Company paid dividends, contributing GH¢16 million combined.
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