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SIGA Unveils 2025 State Ownership Report, Marking A Decade Of Tracking Ghana’s Specified Entities

By
Daniel Jeddman
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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.

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SIGA Unveils 2025 State Ownership Report, Marking A Decade Of Tracking Ghana’s Specified Entities 4

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.

Tony Elumelu Divorce And DNA Claim Is False, UBA Says

By
Calvin Eli
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A viral social media post claiming that Nigerian business mogul and United Bank for Africa (UBA) Group Chairman, Tony Elumelu, has divorced his wife after an alleged DNA test involving their seven children is false.

The claim, which has circulated widely on social media, alleges that a DNA test supposedly showed that Elumelu was not the biological father of his seven children.

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Tony Elumelu Divorce And DNA Claim Is False, UBA Says 6

However, UBA has formally dismissed the allegation, describing the publication as false, defamatory and malicious. The bank said the claim that Elumelu had divorced his wife, Dr Awele Elumelu, was fabricated and intended to mislead the public and cause reputational harm. 

The matter also escalated into a legal case. Nigerian police subsequently arraigned social media users accused of publishing and circulating the claim, with prosecutors telling the court that the allegation about the supposed divorce and DNA results was false and defamatory. 

Elumelu’s official biography continues to identify Dr Awele Vivien Elumelu as his wife and states that they have seven children. 

The viral image supplied for this report therefore should not be treated as evidence that Tony Elumelu divorced his wife or that any DNA test produced the alleged results.

Ghanaian Actor Charles Inkoom Allegedly Caught Stealing Road Metal In Accra

By
Melion Spyglass
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A Ghanaian actor, Charles Inkoom, has allegedly been caught stealing road metal in Accra, according to information contained in the supplied source material.

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The allegation has attracted attention online, with an image circulating that reportedly shows the actor alongside construction materials identified as road metal.

The circumstances surrounding the alleged incident, including the location, when it occurred and whether any formal complaint or arrest was made, are not established in the supplied material.

The allegation should therefore be treated cautiously until further details or an official account are available.

The development has nonetheless generated discussion online, particularly because of the person’s identity and the nature of the allegation.

Shatta Wale Says He Would Send A Minister To Jail Every Month If Elected President

By
Enoch Ansong
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Ghanaian dancehall artiste Shatta Wale has made a striking political statement, saying he would send a government minister to jail every month if he ever became President of Ghana.

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The comment, attributed to the artiste in a media graphic published on August 28, 2026, has sparked attention because of its unusually strong stance on accountability and corruption in government.

Shatta Wale’s Presidential Claim

“If I become president, every month a minister will go to jail,” the artiste is quoted as saying.

The statement suggests that Shatta Wale would pursue an aggressive approach to accountability within government if he were to occupy the presidency.

His remark comes amid continuing public discussions in Ghana about corruption, governance, public accountability and the performance of political officeholders.

A Strong Position On Government Accountability

The statement is particularly striking because it proposes a monthly target for prosecuting or imprisoning ministers.

However, whether a minister should face imprisonment would ordinarily depend on investigations, evidence, prosecution and a judicial determination rather than presidential declaration alone.

Shatta Wale’s comment therefore appears to frame his hypothetical presidency around a particularly tough approach to alleged wrongdoing within government.

Shatta Wale And Politics

Shatta Wale, whose real name is Charles Nii Armah Mensah Jr., has frequently expressed strong opinions on national issues and Ghanaian politics.

His public commentary has often generated significant reactions online, particularly when he addresses politicians, government policies and issues affecting ordinary Ghanaians.

The latest statement is likely to fuel further discussion about whether entertainers and other public figures should take a more active role in political conversations.

The Bigger Conversation

Beyond the provocative nature of the statement, the comment touches on a broader issue: how Ghana should deal with alleged corruption and misconduct involving public officials.

Calls for stronger accountability have remained prominent in Ghana’s political discourse, with citizens frequently demanding greater transparency and consequences for public officials accused of wrongdoing.

Shatta Wale’s hypothetical approach takes that demand to an extreme, suggesting that a minister would face jail every month under his administration.

For now, the statement remains a political hypothetical rather than an announcement of a presidential bid or a formal policy programme.

Source: The statement is presented in the supplied GHOne TV/Star FM graphic dated August 28, 2026.

Govt Owes Scholarship Students in Russia 14 Months of Stipends

By
Enoch Ansong
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About 200 Ghanaian students studying in Russia under government scholarships say they are facing severe financial hardship after going 14 months without receiving their stipends, leaving many struggling to afford food, accommodation and mandatory immigration-related expenses.

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The students, who are beneficiaries of government scholarships, say repeated appeals for intervention have yet to resolve the situation as the new academic year approaches.

NUGS Russia Engages Ghana Embassy

In an effort to secure urgent assistance, the leadership of the National Union of Ghana Students (NUGS), Russia, engaged the Ghana Embassy in Moscow in June 2026 over the prolonged non-payment of students’ stipends.

According to the students, they were subsequently informed that the Embassy had received funds from the Ghana Scholarship Authority (GSA).

However, they say the proposed payment would amount to a flat $300 per student, irrespective of whether the beneficiary is an undergraduate or postgraduate student.

The students have strongly objected to the proposed arrangement, describing it as inadequate given the length of the outstanding payment period.

Students Question Proposed $300 Payment

The students say the proposed $300 payment does not reflect the different stipend levels applicable to undergraduate and postgraduate beneficiaries.

According to their account, undergraduate students are entitled to $300 per month, while postgraduate students receive $500 per month.

After 14 months without payment, students argue that a single $300 payment would leave the vast majority of the outstanding obligation unresolved.

For students who have accumulated debts while waiting for their stipends, the situation has become increasingly difficult.

New Academic Year Raises Fresh Concerns

The situation has become more urgent with the new academic year scheduled to begin on Tuesday, September 1, 2026.

Some students are reportedly facing the possibility of being evicted from dormitories because of unpaid accommodation-related obligations.

Others are struggling to pay their visa renewal fees, which the students say have recently increased across Russia.

Failure to meet those mandatory immigration requirements could expose affected students to serious difficulties, including the risk of deportation.

Students Say They Are Trapped

In a recent media interview, NUGS Russia President Jibril Kojo Nkum made an urgent appeal for government intervention, highlighting the financial difficulties confronting the affected students.

According to the students, many have accumulated debts after borrowing money from friends and others to survive while waiting for their government support.

Those who borrowed money are now facing pressure from creditors to repay.

The students also say their circumstances are particularly difficult because, under the rules applicable to them in Russia, scholarship beneficiaries are barred from taking up employment to generate additional income.

This has left many dependent almost entirely on the stipends they are yet to receive.

Food and Basic Needs Becoming Difficult

Beyond accommodation and immigration requirements, the prolonged delay has reportedly affected students’ ability to meet basic daily needs.

Students say rising living costs have made their financial situation increasingly unsustainable, with some struggling to afford food and other essentials.

The combination of unpaid stipends, accumulated debts, accommodation pressures and mandatory fees has created what the students describe as an increasingly desperate situation.

Students Renew Appeal to Government

The affected Ghanaian students are therefore renewing their appeal to the government to urgently facilitate payment of their outstanding stipends.

They say the matter requires immediate attention because the start of the new academic year could worsen the situation for students who are already struggling to survive.

The students have warned that if the outstanding stipends are not paid, some could be forced to sleep outside after losing access to accommodation.

With September 1 fast approaching, the students are calling for an urgent resolution to the 14-month payment backlog and meaningful financial support to enable them to continue their studies without further disruption.

Rhoda Adu Gyamera Appointed NPP Germany Youth Wing TESCON Coordinator

By
Ghana Media
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Frankfurt, Germany — August 29, 2026 — Rhoda Adu Gyamera has been appointed TESCON Coordinator of the New Patriotic Party (NPP) Germany Youth Wing.

The appointment, officially communicated by the leadership of the NPP Germany Youth Wing, took effect on Thursday, August 27, 2026, and will run for a period of four years.

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Rhoda Adu Gyamera Appointed NPP Germany Youth Wing TESCON Coordinator 14

According to the appointment letter, the decision was made pursuant to Article 15, Clause 3 of the NPP Germany rules and regulations.

The Youth Wing leadership expressed confidence in Gyamera’s ability, commitment and dedication to the party, stating that she is expected to bring her experience and expertise to bear on the responsibilities of the office.

New Role and Responsibilities

As TESCON Coordinator, Gyamera is expected to work closely with the Branch Youth Organizer and other relevant stakeholders within the NPP Germany Branch.

Her responsibilities include upholding the values and principles of the party and carrying out the duties of the office diligently in the interest of the NPP and its members.

The appointment letter also encourages her to contribute actively towards building a stronger, united and effective Branch Youth Organization.

The leadership congratulated Gyamera on her appointment and expressed confidence in her contribution to the youth wing during her tenure.

She has also been requested to submit a written acceptance of the appointment within 24 hours of receiving the letter.

A New Chapter for NPP Germany Youth Wing

Gyamera’s appointment comes as the NPP Germany Youth Wing continues to organise and strengthen its youth structures within the branch.

The TESCON Coordinator position places her at an important point within the youth organisation, particularly in supporting youth engagement and coordination.

Her four-year tenure officially began on August 27, 2026.

The appointment letter was signed by Oduko Kwadwo Oppong, Branch Youth Organizer, on behalf of the NPP Germany Youth Wing.

External Link

Rhoda Adu Gyamera on Facebook⁠

Nihtael and the Digital Transformation of Togo’s Music Industry

By
Matilda Melbourne
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The digital transformation of Africa’s music industry is creating new opportunities for artists, but it is also placing greater importance on the professionals who help creators navigate an increasingly complex ecosystem.

In Togo, music-industry professional Nihtael is contributing to this transformation through work focused on digital music distribution, artist development, professional project structuring and digital visibility.

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His work provides an entry point into a broader conversation about how independent industry professionals are helping Togolese and African artists adapt to the realities of the modern music business.

Helping Togolese Artists Navigate the Digital Era

According to a press dossier presented by Façonné Music, Nihtael is a Togolese music-industry professional whose activities include digital distribution, artist support and professional development. His work seeks to facilitate access for local talents to digital platforms while helping artists better understand the mechanisms of the contemporary music industry. 

The shift from traditional music distribution to digital platforms has changed how artists release, promote and present their work.

For independent musicians, simply recording a song is no longer the entire process. Artists increasingly need to understand digital platforms, professional release strategies, visibility and the broader structures that can support sustainable careers.

This is where professionals such as Nihtael can play an important role.

Digital Distribution and Artist Development

One of the main areas associated with Nihtael’s work is digital music distribution, involving the support of music projects as they move towards online platforms.

The dossier also identifies artist development as another key area, involving advice, orientation and support in building careers. It further highlights professional structuring of music projects, promotion and visibility, as well as participation in developing a stronger professional environment around Togolese and African talent. 

These functions are increasingly relevant as African music reaches audiences far beyond its traditional geographic markets.

Digital platforms have lowered some barriers to international discovery, but artists still need knowledge, strategy and professional support to make meaningful use of those opportunities.

A Wider Transformation Across Togo and West Africa

Nihtael’s work also reflects a wider transformation taking place across Togo and the West African music ecosystem.

Independent industry professionals are increasingly becoming part of the infrastructure supporting artists—not only helping with releases, but also contributing to how projects are organised, presented and promoted.

The press dossier proposes using Nihtael’s experience to examine questions around international distribution, platform presence, professionalisation, artist support, visibility and career development. 

This makes his work relevant beyond an individual profile. It offers a lens through which the changing relationship between African artists, technology and the global music market can be explored.

Recognition From Music In Africa

Nihtael’s work has also received media attention from Music In Africa, which published an article titled “Togo: Nihtael expands work in digital distribution and artist development.”

The press dossier identifies the publication as a point of reference for documenting his activities and opening a wider discussion about music distribution and artist development in Togo. 

The reference article is available through Music In Africa⁠.

Building a More Professional Music Ecosystem

As African music continues to gain international attention, the industry surrounding the artists is becoming increasingly important.

Distribution, career guidance, professional presentation and digital visibility can determine how effectively an artist moves from creating music to building a sustainable professional career.

For Togo, the emergence and activities of professionals such as Nihtael point to an industry that is gradually developing beyond the traditional artist-recording-audience relationship.

The press dossier describes his work as part of efforts to contribute to a stronger professional ecosystem for Togolese and African artists. 

Nihtael can therefore be viewed not simply through the individual services he provides, but within the larger digital transformation reshaping how music is created, distributed, discovered and developed across Africa.

Poacher Accused of Killing Forest Guard Remanded in Police Custody

By
Bismarck Obeng
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A 54-year-old man accused of killing a forest guard during an anti-poaching patrol at the Kakum National Park in Ghana’s Central Region has been remanded into police custody.

The accused, identified as John Mensah, a resident of Assin Betwease in the Assin South District, appeared before the Nyankumasi Ahenkro District Court.

His plea was not taken during his first appearance. Prosecutors told the court that investigations were still ongoing and requested additional time.

Presiding Judge Peter Anongdare subsequently ordered Mensah to remain in police custody for 14 days. He is expected to return to court on September 11, 2026. 

Forest Guard Killed During Patrol

The incident occurred on Friday, August 21, 2026, while forest guards were conducting a routine patrol in the Kakum National Park to check for illegal activities.

According to a situational report from the Forestry Commission, the patrol team discovered signs of a route allegedly being used by suspected poachers.

The guards reportedly heard gunshots from the direction of the suspected poaching activity and took strategic positions in the forest.

At about 5:15 a.m. the following morning, the team reportedly noticed two lights approaching their position.

The guards ordered the individuals to surrender, but the suspects allegedly fled into the forest in different directions.

One of the suspects reportedly abandoned a sack before turning around and firing at Richard Otwey, a forest guard who was pursuing him.

Otwey was struck by the gunfire and died at the scene. 

Second Suspect Remains at Large

Mensah was subsequently arrested.

During questioning, he allegedly identified Bukari Abudu, also from Assin Betwease, as the person who fired the fatal shot.

Abudu had not been arrested at the time of the latest reports, with the police and Forestry Commission continuing efforts to locate him. 

Investigators searching the area reportedly recovered two single-barrel guns believed to have been carried by the suspects.

They also discovered the remains of several animals believed to have been killed during the suspected poaching activities.

These included five brush-tailed porcupines, two African giant rats, a Maxwell duiker, a snail, two Mona monkeys and an olive colobus monkey. 

Other Items Found in the Forest

Investigators also reportedly found two machetes, a cooking pot, sachets of tomato paste and a bottle of water at the location.

The items suggested that the suspects may have spent a considerable amount of time inside the forest.

Following the incident, Nyankumasi Police officers, together with the Park Manager and Forestry Commission officials, entered the park to retrieve Otwey’s body.

His remains have since been deposited at the Abura Dunkwa Government Hospital mortuary. 

Investigations Continue

Mensah remains in police custody as investigations continue, while authorities work to establish the full circumstances surrounding the killing and locate the second suspect.

The case is expected to return before the Nyankumasi Ahenkro District Court on September 11.

37-Year-Old Woman Dies by Suicide at Kasoa 95

By
Enoch Ansong
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A 37-year-old woman has reportedly died by suicide at Kasoa 95, in the Central Region.

The incident has left residents and people familiar with the woman shocked, with details surrounding the circumstances of her death emerging as authorities and those close to her come to terms with the tragedy.

The woman, whose identity has not been publicly disclosed, was reportedly found dead at the location.

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The circumstances surrounding the incident remain limited, and there is currently no verified information establishing what may have led to her death.

Tragic incident shocks Kasoa community

News of the incident has sparked sadness among residents, particularly as the circumstances surrounding the death remain unclear.

Suicide is a deeply sensitive issue, and the loss of a life in such circumstances can have a profound impact on families, friends and entire communities.

Authorities are expected to establish the circumstances surrounding the death and determine whether any further investigation is required.

GhanaMedia.net will continue to follow developments as credible information becomes available.

A reminder to take emotional distress seriously

The tragedy also highlights the importance of paying attention to people who may be experiencing severe emotional or psychological distress.

Friends, relatives, colleagues and community members can sometimes be the first people to notice significant changes in someone’s behaviour or wellbeing.

Anyone experiencing thoughts of suicide or feeling unable to cope should seek immediate help from a trusted person, healthcare professional or emergency service rather than facing the situation alone.

The death remains a painful reminder that behind every tragedy is a person whose life mattered to family, friends and the wider community.

GhanaMedia.net extends its condolences to the deceased woman’s family and loved ones.

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