By Ashiadey Dotse
The Electricity Company of Ghana (ECG) has emerged as the state-owned enterprise with the largest share of liabilities in Ghana, accounting for GH¢82.31 billion of the GH¢281.99 billion in 2025.
This is contained in the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA) on Sunday, August 30, 2026.
The report shows that total liabilities of state-owned enterprises fell by 4.31% to GH¢281.99 billion in 2025. However, SIGA noted that a significant portion of the financial risks remains concentrated in a few state-owned companies, particularly ECG.
ECG was also among five state-owned enterprises that recorded losses consistently between 2021 and 2025.
The other companies were Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company and Ghana Digital Centres Limited.
SIGA further identified ECG, the Volta River Authority (VRA) and COCOBOD as the main entities behind the 5.86% reduction in the total assets of state-owned enterprises.
Total assets in the sector dropped to GH¢407.84 billion in 2025.
SOE sector returns to profit
Despite the financial challenges facing some companies, SIGA said the broader state-owned sector recorded a significant improvement in 2025.
Total revenue generated by state-owned enterprises increased by 28.12%, rising from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
The sector also returned to profitability after four consecutive years of combined net losses.
According to the report, SOEs recorded a net profit after tax of GH¢19.80 billion in 2025, compared with a net loss of GH¢2.25 billion in 2024.
Profit before interest and tax also improved significantly, reaching GH¢25.49 billion in 2025.
SIGA attributed part of the improvement to the appreciation of the Ghana cedi.
State-owned enterprises recorded net foreign-exchange earnings of GH¢11.72 billion in 2025, reversing a GH¢12.01 billion foreign-exchange loss recorded in 2024.
Finance costs also fell by 42.49%.
SIGA warns against complacency
Despite the improved performance, SIGA warned that the gains should not hide the continuing financial problems within some state-owned enterprises.
Six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, recorded negative equity throughout the five-year period from 2021 to 2025.
The Authority also raised concerns about companies that have continued to perform poorly and called for stronger accountability and better management of public resources.
Dividend payments to government also fell by 29.36% in 2025.
Only Ghana Reinsurance Company Limited and TDC Company Limited paid dividends during the year, with the two companies contributing a combined GH¢16 million.
SIGA Director-General, Prof. Michael Kpessa-Whyte, said the report provides an important picture of the performance of state-owned entities and would help shape discussions about their future.
He said the report would support efforts to ensure that state-owned enterprises become stronger contributors to Ghana’s economic development.
SIGA stressed that the improved performance recorded in 2025 must be sustained.
It called for disciplined investment, stronger corporate governance and firm action to address entities that have consistently underperformed.
The Authority said the ultimate goal should be to build a more efficient and sustainable state-owned sector that creates value for taxpayers and contributes to national development.
