The Ghana Shippers’ Authority (GSA) expanded its asset base to GH¢979.92 million in 2025 with its cash holdings falling by 87.27 per cent during the same period.
Total assets increased by 53.2 per cent from GH¢639.65 million in 2024 to GH¢979.92 million, with non-current assets rising sharply from GH¢99.01 million to GH¢888.55 million.
The growth in non-current assets reflects considerable investments in capital projects classified as work in progress and shows that the Authority continued to expand its long-term operational and infrastructure capacity.
This is contained in the 2025 State Ownership Report which also shows that cash and cash equivalents declined from GH¢502.29 million in 2024 to GH¢63.97 million in 2025.
The fall was largely attributed to substantial expenditure on capital projects under construction, with net cash used for investing activities standing at GH¢489.87 million compared with GH¢10.86 million in 2024.
Meanwhile, net cash generated from operating activities declined from GH¢66.73 million to GH¢46.42 million, while operating cash flow-to-revenue ratio fell from 34.8 per cent to 12.21 per cent.
Despite the cash decline, the Authority maintained a strong liquidity position, with its current ratio declining from 108.48 times to 15.28 times, which the report described as exceptionally high.
Short-term debt coverage also declined from 1,338.88 per cent to 776.38 per cent but remained robust, while internally generated funds to operating expenditure stood at 146.88 per cent.
The Authority’s net surplus increased by 271.57 per cent from GH¢69.52 million to GH¢258.30 million, largely driven by a GH¢196.49 million fair-value gain on investment property.
Total liabilities decreased from GH¢234.95 million to GH¢169.46 million and the BILT-Ghana Ports loan reduced by GH¢66.49 million to GH¢163.48 million.
The Authority also advanced digital and environmental measures, including participation in the Green Ghana project and digitization of administrative processes.
