Total revenue of State-owned Enterprises (SOEs) increased by 28.1 per cent to GH¢176.4 billion while profit before interest and tax rose to GH¢25.5 billion, the latest State Ownership Report (SOR) has indicated.
The report showed that SOEs recorded a consolidated net profit after tax of GH¢19.8 billion, reversing a GH¢2.3 billion net loss in 2024, thus making 2025 as the major turnaround financial year for SOEs.
The report by the State Interests and Governance Authority (SIGA) identified that the stronger performance by the SOEs was supported by growth in agriculture, manufacturing and infrastructure, improved foreign exchange earnings and a 42.5 per cent reduction in finance costs.
In relation to Specified Entities, the report showed that employment across the entities increased by 5.5 per cent to 98,724, while women’s representation rose to 30.02 per cent.
Context
The 2025 report is the 10th edition of the country’s assessment of specified entities and the fifth published since SIGA’s establishment in 2019.
The report covers 162 of 175 approved specified entities, comprising 53 State-Owned Enterprises (SOEs), 36 Joint Venture Companies (JVCs) and 73 Other State Entities (OSEs).
It provides an assessment of their financial and operational performance and highlights key reforms affecting Ghana’s state-owned sector.
Details
Despite the improvement the performance of SOEs, the SIGA report indicated that there were still significant challenges that needed to be dealt with to consolidate the gains.
For instance, the report showed that five SOEs recorded losses consistently from 2021 to 2025, while six entities maintained negative equity.
Additionally, government dividend receipts from SOEs declined, with only Ghana Reinsurance Company Ltd and TDC Company Ltd paying a combined GH¢16 million in dividends.
The report also revealed a strong performance by JVCs, with net profit rising by 36.6 per cent to GH¢3.1 billion and total assets increasing by 26 per cent.
Also, JVCs with minority government interests generated GH¢1.2 billion in dividends, representing 97.1 per cent of total dividends received across the portfolio.
The report also presented a contrasting picture where SOEs experienced considerable financial pressure, recording a net deficit of GH¢10.5 billion, with liabilities exceeding assets and the accumulated fund falling into a negative position, driven by the Bank of Ghana’s negative equity.
