SIGA 2025 State Ownership Report: Ghanaian State-Owned Enterprises Record GH¢19.8 Billion Net Profit in Historic Financial Turnaround

The State Interests and Governance Authority (SIGA) has officially released the 2025 State Ownership Report (SOR), detailing a landmark financial and operational recovery for Ghana's state-owned sector. Marking the 10th edition of the report and the fifth since SIGA's establishment in 2019, the document reveals a decisive shift toward consolidated profitability after several years of persistent fiscal losses. This turnaround signifies a potential milestone for the national economy under the current administration of President John Mahama, as the state-owned sector begins to provide more robust support to the country's financial stability.

According to the 2025 report, which covers 162 out of the 175 approved Specified Entities, the sector experienced a substantial revenue surge of 28.12%. Total revenue climbed from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025. This growth translated into significant bottom-line improvements, with the sector reporting a profit before tax of GH¢25.49 billion and an impressive consolidated net profit after tax of GH¢19.80 billion. These figures suggest that the governance reforms and oversight mechanisms implemented by SIGA are beginning to yield tangible fiscal dividends.

Key drivers of this economic recovery were concentrated in the agriculture, manufacturing, and infrastructure sectors. These industries proved to be the primary engines of growth, compensating for historical underperformance in other areas. However, the report also maintains a level of caution, noting that the recovery is not yet universal across all state institutions. While many entities saw a turnaround, certain State-Owned Enterprises (SOEs) continued to report operational losses, and significant liabilities remain a concern within various Other State Entities (OSEs).

Moving forward, the 2025 State Ownership Report emphasizes that sustaining these gains will require a renewed commitment to transparency, efficient capital allocation, and stricter accountability. As Ghana navigates the remainder of the 2025 fiscal year, the performance of these entities will be critical to the broader economic agenda. Industry analysts and SIGA officials agree that while the current profitability is a major achievement, the focus must now shift toward institutionalizing these improvements to prevent a return to the cycle of debt and state dependency that characterized previous years.