Ghana's State Enterprises Post Record GH¢19bn Profit: Now the Real Work Begins
Ghana's state-owned enterprises (SOEs) delivered a record-breaking financial performance in 2025, posting a combined net profit of GH¢19 billion. But according to the man charged with overseeing them, the real measure of success is not the number on the balance sheet, it is how much of that wealth actually reaches the Ghanaian people.
Professor Michael Kpessa-Whyte, Director-General of the State Interests and Governance Authority (SIGA), delivered this message with characteristic directness at the 2026 Governing Boards and CEOs Conference in Accra on Wednesday. He told the assembled chief executives and board chairs that profits must translate into public value through dividends, stronger governance, and sharper accountability.
What the 2025 numbers show
The 2025 State Ownership Report paints a picture of a sector on the rise. Total revenue climbed to GH¢176.4 billion, a 28.2 per cent jump from the previous year. Of the 53 SOEs assessed, 34 turned a profit. The infrastructure sub-sector recorded its first sector-wide operating profit in five years, and the newly created Ghana Gold Board contributed GH¢896.52 million in net profit during its first year of operation.
Even more telling, ten SOEs, led by the Ghana National Petroleum Corporation and the Ghana Ports and Harbours Authority, have now remained profitable for five consecutive years. That kind of consistency, Kpessa-Whyte argued, is no accident.
“The results reflect more than favourable external conditions. They show what can happen when boards stay close to the fundamentals, when management controls costs and receivables, and when performance contracts guide decisions throughout the year.”
Why profit alone is not enough
Despite the strong headline numbers, Kpessa-Whyte made it clear that the ultimate test is whether returns reach the shareholder, which in this case is the state, and by extension, every Ghanaian citizen.
“A profit that never reaches the shareholder has not yet become public value.”
The data shows how much work remains. Only two SOEs, Ghana Reinsurance Company and Tema Development Company (TDC), paid dividends to the government for their 2024 operations. On a more encouraging note, BOST Energies has already declared and paid dividends from its 2025 results, setting an example for others to follow.
Compliance gaps that need closing
The Director-General also flagged persistent compliance shortfalls. Only 72 entities signed performance contracts in 2025, just 71 submitted quarterly reports on time, and a mere 37 held annual general or stakeholder meetings. For Kpessa-Whyte, these are not bureaucratic formalities. They are the building blocks of accountability.
“Boards and chief executives shape performance through the quality of their decisions, the accuracy of information they demand, and the speed with which they address risks.”
What this means for Ghana's economic future
The turnaround story of Ghana's SOEs is a powerful signal for investors, both at home and in the diaspora. It shows that with the right governance structures, public institutions can compete, innovate, and deliver returns. The challenge now is to lock in these gains and ensure that profitability translates into tangible benefits, from better infrastructure to improved public services.
Kpessa-Whyte expressed optimism that future State Ownership Reports will show not only stronger profits but also measurable improvements in governance, compliance, and public value creation. If the momentum of 2025 is anything to go by, Ghana's state enterprises are on the right track, and the best is yet to come.
Frequently asked questions
How much profit did Ghana's SOEs make in 2025?
Ghana's state-owned enterprises recorded a combined net profit after tax of GH¢19 billion in 2025, according to the State Ownership Report.
Which SOEs performed best in 2025?
The Ghana National Petroleum Corporation and the Ghana Ports and Harbours Authority led a group of ten SOEs that remained profitable for five consecutive years. The Ghana Gold Board also posted a strong debut with GH¢896.52 million in net profit.
Why is dividend payment important for SOEs?
Dividend payments are the primary way SOE profits reach the government, which then uses them for public spending. Without dividends, profits remain on paper and do not directly benefit citizens.