Ghana’s State-Owned Enterprises (SOEs) recorded an aggregate net profit of GH¢19.80 billion in the 2025 financial year, representing a significant turnaround from the GH¢2.26 billion net loss recorded in 2024.
The performance, according to the 2025 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA), reflects improvements in macroeconomic conditions, currency appreciation and strengthened corporate oversight during the year.
Aggregate revenue across the SOE sector increased from GH¢133.60 billion in 2024 to GH¢176.43 billion in 2025, while revenue across Specified Entities (SEs) rose by 30.74 per cent.
The sector also recorded a 42.49 per cent decline in accumulated finance costs, supported by net foreign exchange gains of approximately GH¢11.72 billion following the appreciation of the cedi against major international currencies.
The improvement in profitability was also supported by easing inflation, which declined to 14.6 per cent in 2025, from 23.8 per cent in 2024.
Key profitability indicators strengthened significantly, with Return on Assets (RoA) rising from 1.3 per cent to 6.3 per cent, while Return on Equity (RoE) improved from negative 1.6 per cent to 15.7 per cent.
Several major state enterprises recorded notable recoveries during the period. Tema Oil Refinery (TOR), for instance, moved from a loss of about GH¢745 million in 2024 to a profit of GH¢1.10 billion in 2025.
The Ghana Water Company Limited (GWCL) also reversed a GH¢3.06 billion loss into a GH¢635 million profit, while the Ghana Cocoa Board (COCOBOD) moved from a GH¢5.73 billion loss to a GH¢5.11 billion profit.
The Joint Venture Companies (JVCs) portfolio also recorded mixed but generally improved results. Fifteen majority-owned JVCs posted a combined net profit of GH¢3.14 billion, representing a 36.54 per cent increase over the previous year.
Minority-interest JVCs recorded net profits of GH¢61.32 billion, while Other State Entities (OSEs) remained a drag on overall performance, recording an aggregate deficit of GH¢10.48 billion, compared with a deficit of GH¢2.40 billion in 2024.
Commenting on the report, SIGA Director-General, Prof. Michael Kpessa-Whyte, said, “the 2025 SOR is the first to fully reflect the stewardship of His Excellency John Dramani Mahama, following his return to office as President of the Republic of Ghana. Nonetheless, this report is the tenth in the series since Ghana started issuing annual state ownership reports, but the fifth to be prepared and published on behalf of the Government of Ghana by the State Interests and Governance Authority (SIGA) in conformity with statutory requirement of Act 990”.
The Finance Minister, Dr Cassiel Ato Forson, also attributed the improved performance partly to the more favourable economic environment, stressing the importance of leadership and financial discipline.
“Good leadership matters. Better oversight matters. Operational discipline matters. But so does the economic environment in which businesses operate. Macroeconomic stability has given our State Enterprises room to breathe again. The strengthening of the cedi reduced foreign-exchange losses and financing pressures,” he said.
The 2025 report evaluated 162 of the 175 entities under SIGA’s oversight and was based on 108 audited financial statements, the highest number captured in the history of the State Ownership Report.
