GIIF records GH¢1.62bn loss in 2025 after GH¢2bn profit in 2024

In 2025, the Ghana Infrastructure Investment Fund (GIIF) experienced a massive net loss of GH¢1.62 billion, marking a dramatic reversal from the profitable GH¢2 billion recorded in 2024. The fund's decline was driven by a sharp drop in income, soaring operating costs and a significant foreign exchange loss of GH¢1.87 billion. The net profit margin plummeted from an impressive 96.76 percent in 2024 to a staggering negative 119.16 percent in 2025, while the return on equity plummeted from 31.68 percent to negative 33.39 percent.

The vast majority of the loss was attributed to a drastic shift in the value of the Ghana cedi, which transformed a substantial exchange gain in 2024 into a hefty loss in 2025. The Fund's total income dwindled by 37.86 percent, from GH¢813.33 million in 2024 to GH¢505.39 million in 2025, largely due to a 22.47 percent drop in interest income.

Operating profit fell by nearly 58 percent, and the net operating margin dwindled from 94.46 percent to 64.19 percent. The cost of operations increased by a whopping 290.25 percent, primarily because of a 301.57 percent surge in general and administration expenses. The Fund's balance sheet contracted, with total assets dropping by about 25.5 percent from GH¢7.83 billion in 2024 to GH¢5.83 billion in 2025.

Shareholders' equity fell by 29.79 percent, closing at GH¢4.86 billion. Despite the steep decline, SIGA assessed GIIF's leverage as still within acceptable risk limits.