Ghana’s state-owned enterprises (SOEs) recorded a consolidated net profit after tax of GH¢19.80 billion in the 2025 financial year, ending four consecutive years of net losses, according to the State Interests and Governance Authority (SIGA).

The turnaround represents a significant improvement from the GH¢2.25 billion net loss posted in 2024, as total SOE revenue increased by 28.12 per cent from GH¢137.64 billion to GH¢176.43 billion.

The figures are contained in SIGA’s 2025 State Ownership Report, released on Sunday, August 30, 2026.

The report, the tenth edition of Ghana’s flagship assessment of specified entities and the fifth published by SIGA since its establishment in 2019, examined the performance of 162 out of 175 approved entities.

These comprised 53 SOEs, 36 joint venture companies and 73 other state entities.

SIGA Director-General Prof Michael Kpessa-Whyte said the report provided an overview of how the entities were contributing to the government’s broader economic reset agenda.

“It gives a full picture of how these specified entities are contributing to the broader economic reset agenda, and it will help drive meaningful dialogue around the future of our State-Owned Enterprises, Joint Venture Companies and Other State Entities, ensuring they fulfil their potential as catalysts for economic growth and development,” he said.

Revenue in the agriculture sub-sector increased by 203.71 per cent, while manufacturing and infrastructure recorded growth of 114.74 per cent and 92.24 per cent, respectively.

Profit before interest and tax rose to GH¢25.49 billion, continuing a four-year recovery that began after the sector recorded a GH¢502 million loss in 2023 and rebounded to GH¢5.80 billion in 2024.

Ten SOEs maintained profitability throughout the five-year period covered by the assessment. They included the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund and TDC Company Limited.

Meanwhile, Five State Owned Enterprises; ECG, Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company and Ghana Digital Centres Limited — recorded losses in every financial year between 2021 and 2025.

Six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, also maintained negative equity throughout the same period.