The Electricity Company of Ghana (ECG) accounted for GH¢82.31 billion of the total liabilities of Ghana’s state-owned enterprises (SOEs) in 2025, according to the State Interests and Governance Authority (SIGA).
SIGA’s 2025 State Ownership Report shows that total SOE liabilities fell by 4.31 per cent to GH¢281.99 billion during the year, with ECG accounting for a significant share.
ECG was also among five SOEs that recorded losses in every year from 2021 to 2025. The others were Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company and Ghana Digital Centres Limited.
Despite the challenges facing some entities, the wider SOE sector recorded a major financial turnaround. Total revenue increased by 28.12 per cent to GH¢176.43 billion, while the sector recorded a GH¢19.80 billion net profit, ending four consecutive years of losses.
Profit before interest and tax also rose to GH¢25.49 billion, while net foreign-exchange earnings reached GH¢11.72 billion, reversing the previous year’s GH¢12.01 billion loss.
However, SIGA warned that persistent losses, negative equity and governance weaknesses continue to pose risks. Six state enterprises, including AirtelTigo Ghana, GIHOC Distilleries and Tema Oil Refinery, maintained negative equity throughout the five-year period.
SOE dividend payments to government also fell by 29.36 per cent, with only Ghana Reinsurance Company and TDC Company Limited paying dividends, totalling GH¢16 million.
SIGA called for stronger accountability and decisive action to address consistently underperforming entities, stressing that the sector’s 2025 gains must form the basis for sustained improvement.
