The 2025 report on the performance of State-Owned Enterprises (SOEs) by the State Interests and Governance Authority (SIGA) has revealed that five SOEs recorded losses every year from 2021 through 2025.
The report is the tenth edition of SIGA’s assessment of specified entities in Ghana, and the fifth published since the authority’s establishment in 2019. It examined the performance of 162 out of 175 approved entities.
The entities assessed comprised 53 SOEs, 36 joint venture companies, and 73 other state entities.
According to highlights from SIGA’s press release, five SOEs were responsible for losses in each of the five years under review. These include the Graphic Communications Group, the Electricity Company of Ghana (ECG), the Ghana Digital Centre, and others.
“Five SOEs consisting of ECG, Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre recorded losses in every year from FY2021 to FY2025,” SIGA’s press release stated.
SIGA also reported that six entities carried negative equity over the same period, meaning their liabilities exceeded their assets.
“Six entities, including AirtelTigo Ghana Ltd, Gihoc Distilleries and Tema Oil Refinery, have carried negative equity throughout the same period,” the report noted.
ECG, which posted losses in all five consecutive years, accounted for a large share of liabilities among the enterprises assessed. Total assets fell by 5.86%, while liabilities dropped by 4.31%.
“Balance sheets contracted modestly, with total assets down 5.86% to GHS407.84 billion — led by the Electricity Company of Ghana (ECG), Volta River Authority and COCOBOD — and total liabilities down 4.31% to GHS281.99 billion, of which ECG alone accounted for GHS82.31 billion,” the release said.
Despite this, SIGA noted that the SOE sector delivered its strongest overall performance yet, driven largely by substantial growth in the agriculture, manufacturing, and infrastructure sub-sectors.
Revenue in the agriculture sub-sector grew by 203.71%, while manufacturing and infrastructure recorded growth of 114.74% and 92.24%, respectively.
The sector broke a four-year cycle of net losses, closing the 2025 financial year with a net profit after tax of GH¢19.80 billion, compared to a net loss after tax of GH¢2.25 billion in 2024.
“Ten SOEs, among them the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund and TDC Company Ltd, sustained profitability throughout the five-year period,” the report added.
A stronger cedi also helped reshape the sector’s finances. SIGA said SOEs recorded net foreign exchange earnings of GHS11.72 billion, reversing a GHS12.01 billion foreign exchange loss recorded in 2024.