GSA records GH¢258m surplus as assets rise and debt falls

In 2025, the Ghana Shippers’ Authority (GSA) reported a substantial increase in its net surplus, reaching GH¢258.30 million, marking a staggering 271.57 percent rise from the previous year's GH¢69.52 million. The Authority's net surplus margin surged from 36.25 percent to 67.95 percent, while total income nearly doubled, increasing by 98.24 percent from GH¢191.76 million to GH¢380.15 million.

However, the surge was largely attributed to a one-off GH¢196.49 million gain from the revaluation of its investment property, which did not necessarily indicate improved operations. Total assets expanded by 53.2 percent, from GH¢639.65 million to GH¢979.92 million, with non-current assets seeing the most significant increase, rising from GH¢99.01 million to GH¢888.55 million, primarily due to capital projects under construction.

The Authority's accumulated fund more than doubled, growing from GH¢404.70 million to GH¢810.46 million. The GSA also managed to reduce its BILT-Ghana Ports and Harbours Authority loan by 28.91 percent, from GH¢229.97 million to GH¢163.48 million, lowering its debt-to-assets ratio from 36.73 percent to 17.29 percent. Despite these improvements, internally generated funds fell by 4.55 percent, causing internally generated funds to account for 47.08 percent of total income in 2025, down from 97.78 percent in 2024.

Cash holdings also declined sharply, decreasing by 87.27 percent from GH¢502.29 million to GH¢63.97 million. The GSA, nevertheless, maintained strong liquidity and cash-generating capacity. The Authority also continued to implement environmental and digital initiatives, including participation in the Green Ghana project, reduction of energy consumption, and digitisation of administrative processes.