••
Dividend payments from Ghana’s State-Owned Enterprises (SOEs) to the government saw a sharp decline in 2025, falling by 45.5% compared to the previous year. According to the 2025 State Ownership Report, total dividends from the sector dropped to GHS 16.0 million, down from GHS 29.36 million in 2024. This modest sum represents a mere 0.92% of the GHS 1.746 billion in total dividend receipts collected by the government from all its investments, raising urgent questions about the financial health and profitability of the nation’s state-held assets.
The report reveals a concerning lack of participation across the sector, with only two SOEs managing to remit dividends during the period under review. The Ghana Reinsurance Company Limited (Ghana Re) contributed GHS 13.0 million, while the Tema Development Company (TDC) Limited provided GHS 3.0 million. While these two entities maintained consistent returns, the absence of payments from dozens of other enterprises underscores a deepening crisis of cash-generating capacity within the broader SOE landscape.
Analysts point to persistent operational hurdles and structural financial weaknesses as the primary drivers of this decline. Many enterprises are currently grappling with significant balance-sheet vulnerabilities and accumulated liabilities that hamper their ability to turn a profit. The report emphasizes that without addressing these core inefficiencies, the sector will continue to struggle with financial sustainability, ultimately placing a heavier burden on the national treasury rather than supporting it.
To reverse this trend, the report calls for a comprehensive overhaul of corporate governance and operational efficiency across the sector. There is a specific emphasis on the role of the State Interests and Governance Authority (SIGA) to strengthen oversight and enforce stricter performance standards. Moving forward, improving the profitability of SOEs is seen as a critical component of national revenue mobilization efforts, necessary to bolster public investment returns and support the country's broader economic recovery goals under the current administration.