The Electricity Company of Ghana (ECG) accounted for GH¢82.31 billion of total liabilities of Ghana’s state-owned enterprises (SOEs) in the 2025 financial year.
This was disclosed by the State Interests and Governance Authority (SIGA) 2025 State Ownership Report, released on Sunday, August 30, 2026.
The report says total liabilities for SOEs declined by 4.31% to GH¢281.99 billion with ECG alone accounting for GH¢82.31 billion.
The company was also amongst five entities which recorded losses in every year from 2021 to 2025.
The other entities includes; Ghana Cylinder Manufacturing Company Ltd, GNPA Ltd, Graphic Communications Group Company and Ghana Digital Centre.
Total assets fell by 5.86% to GH¢407.84 billion, with the decline largely attributed to the Electricity Company of Ghana (ECG), Volta River Authority and COCOBOD.
Meanwhile, the sector recorded a significant financial turnaround in 2025, with total revenue across the SOE sector increasing by 28.12% to GH¢176.43 billion, up from GH¢137.64 billion in 2024.
According to the report, SOEs broke a four-year cycle of consolidated net losses, posting a GH¢19.80 billion net profit after tax, compared with a GH¢2.25 billion net loss recorded in 2024.
The growth in the sector was driven largely by the agricultural, manufacturing and infrastructure subsectors, which recorded revenue increases of 203.71%, 114.74% and 92.24%, respectively.
The improved revenue performance also translated into stronger operating results, with Profit Before Interest and Tax (PBIT) rising to GH¢25.49 billion in 2025.
This represents a continued recovery from the sector’s GH¢502 million loss in 2023 and a partial rebound to GH¢5.80 billion in 2024.
Ten SOEs, including the Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, BOST Energies Company, Minerals Income Investment Fund and TDC Company Ltd, maintained profitability throughout the five-year period under review.
The report also highlighted the impact of the stronger Ghana cedi on the financial performance of state-owned enterprises.
SIGA-Press-Release-2025-SOR-Publication (1)
