SIGA reports strong recovery in state enterprises

Ghana's state-owned enterprises (SOEs) experienced a notable financial resurgence in 2025, as reported by the State Interests and Governance Authority (SIGA). The State-Owned Enterprises (SOEs) returned to profitability after decades of losses, marking the tenth edition of SIGA's assessment of these specified entities. The report, which covers 162 out of the 175 approved SOEs, revealed a 28.12% increase in SOE revenue, rising from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.

The SOE sector's strong performance was driven by growth in agriculture, manufacturing, and infrastructure. SIGA attributed the improvement to factors such as a stronger cedi, reduced finance costs, and higher net foreign exchange earnings. However, the report also highlighted persistent challenges, with five SOEs continuing to record losses and six entities maintaining negative equity.

Despite these issues, SOEs managed to generate GH¢11.72 billion in net foreign exchange earnings, reversing a loss from the previous year, and saw a 42.49% decrease in finance costs. The report also noted that government dividend receipts were low, with only two companies contributing any funds. Joint Venture Companies (JVCs) demonstrated positive growth, with net profit increasing by 36.55% to GH¢3.14 billion and total assets rising by nearly 26% to GH¢96.69 billion.

Minority-interest JVCs played a crucial role in generating dividends for the government, accounting for 97.12% of all dividends received. The performance of Other State Entities was weaker, with their net deficit widening from GH¢2.18 billion in 2024 to GH¢10.48 billion in 2025. The overall public debt stood at GH¢640.99 billion, though it decreased as a percentage of GDP to 45.28%.

While SIGA recognized ongoing fiscal risks and called for stronger accountability, the report identified 2025 as a potential turning point for Ghana's state-owned sector, emphasizing the need for lasting efficiency and value creation.