Accra, August 30, 2026 — The State Interests and Governance Authority (SIGA) has unveiled its 2025 State Ownership Report (SOR), marking the tenth edition of Ghana’s flagship assessment of the performance of its Specified Entities.
The report, which covers 162 of the 175 approved Specified Entities, provides an extensive assessment of the financial, operational and governance performance of Ghana’s state-owned sector.
The entities covered comprise 53 State-Owned Enterprises (SOEs), 36 Joint Venture Companies (JVCs) and 73 Other State Entities (OSEs).
According to SIGA Director-General Prof. Michael Kpessa-Whyte, the latest report is particularly significant because it captures the performance of the Specified Entities during the first year of President Mahama’s second administration.
“It gives a full picture of how these Specified Entities are contributing to the broader economic reset agenda,” he said.
SOEs Return To Profitability
One of the most significant findings in the report is the strong turnaround recorded by the State-Owned Enterprise sector.
SOE revenue increased by 28.12% to GH¢176.43 billion in FY2025, up from GH¢137.64 billion in FY2024.
The growth was driven largely by the agricultural, manufacturing and infrastructure subsectors, whose revenues increased by 203.71%, 114.74% and 92.24%, respectively.
Profit Before Interest and Tax also rose to GH¢25.49 billion, continuing a recovery that began after the sector recorded a loss of GH¢502 million in FY2023.
More significantly, SOEs collectively recorded a net profit after tax of GH¢19.80 billion in FY2025, compared with a net loss of GH¢2.25 billion in the previous year.
SIGA said the development represents a break from a four-year cycle of consolidated net losses.
Ten SOEs, including the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund and TDC Company Ltd, maintained profitability throughout the five-year period reviewed.
Stronger Cedi Improves Financial Position
The report also highlighted the impact of the stronger Ghana cedi on the financial position of state-owned enterprises.
SOEs recorded GH¢11.72 billion in net foreign exchange earnings in FY2025, reversing a GH¢12.01 billion foreign exchange loss recorded in FY2024.
Finance costs also declined by 42.49%.
However, SIGA noted that significant risks remain within the sector.
Total SOE assets declined by 5.86% to GH¢407.84 billion, while liabilities fell by 4.31% to GH¢281.99 billion.
Five SOEs — 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.
Six entities, including AirtelTigo Ghana Ltd, Gihoc Distilleries and Tema Oil Refinery, also maintained negative equity throughout the five-year period.
Joint Ventures Record Further Growth
Ghana’s Joint Venture Companies also strengthened their performance.
Net profit, excluding minority interest, increased by 36.55% to GH¢3.14 billion, compared with GH¢2.29 billion in FY2024.
Total JVC assets increased by 25.99% to GH¢96.69 billion.
Minority-interest JVCs recorded even stronger growth, with net profit rising from GH¢21.06 billion to GH¢61.32 billion.
They also accounted for 97.12% of all dividends received by government, contributing GH¢1.19 billion.
Other State Entities Remain Under Pressure
The report presents a less positive picture for Other State Entities.
Their combined net deficit widened significantly from GH¢2.18 billion in FY2024 to GH¢10.48 billion in FY2025.
Although total assets increased by 60.15% to GH¢310.62 billion, liabilities grew by 41.83% to GH¢323.17 billion.
SIGA attributed a substantial part of the deterioration in the accumulated fund to the Bank of Ghana’s negative equity position of GH¢93 billion.
Economic Conditions Improve
The performance of the Specified Entities occurred against what SIGA described as a significantly improved macroeconomic environment.
Real GDP growth reached 6.0% in FY2025, compared with 5.8% in FY2024.
The Monetary Policy Rate fell from 27% to 18%, while the Ghana Reference Rate declined from 29.31% to 15.9%.
The average lending rate also dropped from 30.25% to 20.4% by December 2025.
Public debt stood at GH¢640.99 billion in nominal terms but declined to 45.28% of GDP, supported by currency appreciation, lower borrowing costs, a high primary surplus and debt-management measures.
SIGA, however, cautioned that fiscal risks remain, including outstanding loan guarantees of GH¢3.03 billion, on-lent loans of GH¢14.73 billion and contingent liabilities that crystallised from public-private partnership agreements.
Reforms Across State-Owned Entities
The report further documents a series of institutional and policy reforms during FY2025.
The Ministry of Finance introduced new Public Financial Management Implementation Guidelines requiring Specified Entities to submit quarterly internal audit and commitment-control reports.
Public-sector procurement infractions subsequently fell sharply from GH¢18.4 billion in FY2024 to GH¢2.2 billion in FY2025.
SIGA also strengthened its oversight functions, including assessments of 70 Specified Entities that had executed FY2024 performance contracts.
The report highlights developments under the government’s 24-Hour Economy Policy, including extended operations across several state entities.
It also details developments in road infrastructure, state-owned banking, the establishment of the Ghana Gold Board and reforms within the railway sector.
Climate And Gender Progress
SIGA reported continued progress in climate-related reporting.
Of the 162 reporting Specified Entities, 42 disclosed climate-related projects, programmes or initiatives in FY2025, compared with 27 the previous year.
Employment across the Specified Entities also increased by 5.45% to 98,724 workers, representing an additional 5,104 jobs.
Women accounted for 30.02% of the workforce, up from 29.30% in FY2024.
SIGA Calls For Sustainable Value Creation
Despite the improvements recorded during the year, SIGA stressed that the gains should not be viewed simply as a temporary recovery.
The Authority said Ghana’s Specified Entities must move from recovery to resilience, compliance to performance, and state ownership to sustainable value creation.
That, it said, will require stronger accountability, disciplined capital allocation, decisive action against persistent underperformance and performance-driven governance.
“The gains of FY2025 must not become a temporary rebound,” the report concludes.
SIGA said the ultimate objective is to build a more efficient, competitive, inclusive and sustainable state-owned sector capable of creating value for the Ghanaian taxpayer and contributing meaningfully to national development.
