The Electricity Company of Ghana (ECG) accounted for GH¢82.31 billion of the total liabilities recorded by Ghana’s state-owned enterprises (SOEs) in the 2025 financial year, according to the State Interests and Governance Authority (SIGA).
The figure was contained in SIGA’s 2025 State Ownership Report, released on Sunday, August 30, 2026.
The report shows that the combined liabilities of state-owned enterprises fell by 4.31 per cent to GH¢281.99 billion in 2025. ECG alone, however, accounted for GH¢82.31 billion of the total, making it one of the entities posing significant financial risks to the state-owned sector.
SIGA cautioned that although the financial position of Ghana’s SOEs improved overall, substantial risks remained concentrated among a relatively small number of entities.
ECG was also among five SOEs that recorded losses consistently between 2021 and 2025. The other entities were Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company and Ghana Digital Centres Limited.
The report further identified ECG, the Volta River Authority (VRA) and the Ghana Cocoa Board (COCOBOD) as the main contributors to a 5.86 per cent reduction in the total assets of SOEs, which fell to GH¢407.84 billion in 2025.
Despite the challenges faced by some entities, Ghana’s state-owned sector recorded a significant improvement in its overall financial performance during the year.
Total revenue generated by SOEs rose by 28.12 per cent, increasing from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
The sector also ended four consecutive years of consolidated net losses, recording a net profit after tax of GH¢19.80 billion in 2025, compared with a net loss of GH¢2.25 billion the previous year.
Profit before interest and tax also improved to GH¢25.49 billion, following a GH¢502 million loss in 2023 and a partial recovery to GH¢5.80 billion in 2024.
SIGA attributed part of the improvement to the appreciation of the Ghanaian cedi. SOEs recorded net foreign-exchange earnings of GH¢11.72 billion in 2025, reversing the GH¢12.01 billion foreign-exchange loss recorded in 2024.
Finance costs also fell by 42.49 per cent during the period, contributing to the sector’s improved bottom line.
However, SIGA warned that the overall recovery should not conceal persistent financial and governance challenges within some state-owned enterprises.
Six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, maintained negative equity throughout the five-year period from 2021 to 2025.
Dividend contributions to the government also declined significantly during the year. Dividend payments by SOEs fell by 29.36 per cent, with only Ghana Reinsurance Company Limited and TDC Company Limited paying dividends in 2025.
The two companies contributed a combined GH¢16 million to the government.
The report underscores the mixed performance of Ghana’s state-owned sector, with stronger aggregate profitability and revenue growth recorded alongside continued financial pressures at major entities such as ECG.
Source: joynews
