Africa Policy Lens (APL) says the much-publicized GH¢30 million dividend by the Ghana Airports Company Limited (GACL) to government is manufactured and does not reflect operational performance.

In a statement issued by its Research Directorate, APL said it has examined GACL's 2025 audited accounts as presented at its 11th Annual General Meeting and concluded that the dividend is misrepresented as evidence of a turnaround.

"While the Ghana Airports Company Limited and the government seek to present this as evidence of a dramatic turnaround, the GACL report itself exposes serious underlying weaknesses," the statement said.

APL Lists Four Findings

According to APL, GACL's core operating revenue is shrinking as it fell by 9.15% from GH¢2.02 billion in 2024 to GH¢1.83 billion in 2025.

"An airport company whose core revenue is falling cannot be described as thriving."

The think tank also argued that the "declared profit of GH¢354.6 million was significantly supported by GH¢578 million in Other Operating Gains, largely revaluation gains. These are accounting entries, not cash generated from moving passengers or growing traffic".

APL further pointed to loss-making regional airports, hence citing the Managing Director of GACL, Yvonne Nana Afriyie Opare, as being emphatic that domestic business operations and all regional airports are not yet profitable.

"In effect, Kotoka International Airport continues to subsidize Kumasi, Tamale, Sunyani, Wa and Takoradi," APL expounded.

The think tank also said the dividend was only possible because of a debt holiday, adding that what aided the dividend was the restructuring of GACL's syndicated loan with an eight-year extension and a one-year moratorium on principal repayment which provided temporary liquidity relief.

"A dividend that represents less than 10% of declared profit, paid after 18 years of no dividend, and enabled by a debt repayment holiday and non-cash revaluation, should not be celebrated as efficiency or profitability," APL said.

APL has called on GACL and the Ministry of Transport to publish the full audited statements, disclose the cash-backed portion of the profit, and explain why domestic operations remain loss-making after years of investment.

It has also called on Parliament to investigate the matter saying "Ghanaians deserve airports that are operationally viable with less levies, not dividends that are manufactured through accounting and debt restructuring".