State-Owned Enterprises Reverse Losses with GH¢19.8bn Profit as Financial Irregularities Drop by 62.9%

Ghana’s State-Owned Enterprises (SOEs) have achieved a landmark financial turnaround in 2025, recording a consolidated net profit after tax of GH¢19.8 billion. This performance, detailed in the latest State Ownership Report, represents a significant reversal from the GH¢2.3 billion net loss recorded in 2024. Total revenue for the sector surged by 28.1% to reach GH¢176.4 billion, driven by robust growth in the agriculture and manufacturing sectors, improved foreign exchange earnings, and a strategic reduction in finance costs. The State Interests and Governance Authority (SIGA) attributed this recovery to enhanced corporate governance reforms and effective leadership under the administration of President John Mahama.

Complementing this growth, Deputy Minister of Finance Thomas Nyarko Ampem announced a dramatic 62.9% reduction in financial irregularities across five audited sectors. Irregularities plummeted from approximately GH¢20.72 billion in 2024 to GH¢7.69 billion in 2025, far exceeding the government’s initial 50% reduction target. Under the theme "Recovering Every Cedi," the Ministry highlighted substantial improvements in the management of public boards and universities. However, the Minister issued a stern warning regarding rising irregularities within Ministries, Departments, and Agencies (MDAs), as well as Metropolitan, Municipal, and District Assemblies (MMDAs), calling for stricter preventive measures to safeguard public funds.

The Ghana News Agency (GNA) emerged as a notable example of improved institutional performance within this framework. SIGA commended the GNA for increasing its total income by 8.49%, rising from GH¢14.37 million to GH¢15.59 million over the past year. This growth allowed the agency to slash its deficit from GH¢1.23 million to just GH¢0.46 million. The 2025 State Ownership Report specifically praised GNA’s "debt-light" financial structure, noting that the agency maintains no long-term financial obligations, which significantly reduces refinancing risks. Despite these gains, SIGA urged the GNA to diversify its revenue streams, as government subventions still account for more than 93% of its total income.

Beyond financial metrics, the state sector saw a 5.5% increase in total employment, with women’s representation reaching 30.02%. While the overall trend is positive, challenges remain, including high debt levels in specific entities and a decline in government dividend receipts. SIGA’s Director-General has indicated that the authority is pushing for legislative reviews to further enhance accountability and performance monitoring. As the government continues its drive for transparency, the focus remains on ensuring that every public entity contributes positively to the national purse while maintaining the highest standards of governance.