SIGA Report: Ghana’s State-Owned Enterprises Return to GH¢19.8bn Profit Despite ECG’s GH¢82.3bn Debt Burden

The State Interests and Governance Authority (SIGA) has released its 2025 State Ownership Report, highlighting a significant turnaround for Ghana’s State-Owned Enterprises (SOEs). After years of cumulative losses, the sector recorded a net profit after tax of GH¢19.80 billion in 2025, a dramatic reversal from the GH¢2.25 billion net loss reported in 2024. This recovery was bolstered by a 28.12% increase in total revenue, reaching GH¢176.43 billion, and the relative appreciation of the Ghana cedi. However, SIGA warned that this broad success is tempered by concentrated financial risks, particularly within the energy sector, which continues to struggle with massive debt.

A standout performer in the report is the Ghana Shippers’ Authority (GSA), which saw its net surplus surge by 271.57%, rising from GH¢69.52 million in 2024 to GH¢258.30 million in 2025. This growth was primarily driven by a one-off revaluation gain of GH¢196.49 million on investment properties, though total income also nearly doubled to GH¢380.15 million. While GSA's core internally generated funds saw a slight decline of 4.55%, the authority successfully reduced its debt-to-assets ratio from 36.73% to 17.29%. Similarly, the Environmental Protection Agency (EPA) demonstrated fiscal resilience, more than tripling its accumulated fund to GH¢375.19 million through aggressive internal revenue mobilization and improved financial sustainability under the new Environmental Protection Act.

Despite the overall return to profitability, the Electricity Company of Ghana (ECG) remains the sector’s primary financial concern. ECG alone accounts for GH¢82.31 billion in liabilities—nearly 30% of the GH¢281.99 billion total liabilities held by all SOEs. While total sector liabilities actually decreased by 4.31% over the past year, ECG was identified as one of five enterprises, including the Ghana Cylinder Manufacturing Company and GNPA Limited, that have recorded persistent losses every year since 2021. SIGA noted that these "consistent loss-makers" continue to pose a threat to the nation's fiscal stability and have contributed to a decline in dividend payments to the government.

While celebrating the return to profit, SIGA officials emphasized the need for rigorous governance and accountability to ensure these gains are not transitory. The report calls for enhanced management within underperforming entities to prevent negative equity from eroding the progress made by top-performing agencies. As Ghana continues its economic recovery under the administration of President John Mahama, the performance of these state entities will be crucial for national development, necessitating a shift from reliance on one-off revaluation gains toward sustainable operational efficiency across all sectors.