Ghana’s state-owned enterprises recorded a sharp expansion in business activity in 2025, with total revenue rising by 28.12 per cent to GH¢176.43 billion, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The increase, from GH¢137.64 billion, marks one of the strongest revenue performances recorded by the state-owned enterprise sector and provides a key foundation for the sector’s dramatic return to profitability during the year.
SIGA’s report attributes the revenue expansion largely to strong performances in the agriculture, manufacturing and infrastructure sub-sectors.
Agriculture recorded the largest increase, with revenue rising by 203.71 per cent, while manufacturing and infrastructure revenues increased by 114.74 per cent and 92.24 per cent, respectively.
The figures suggest that the improvement was not driven solely by one segment of the state enterprise portfolio, with several productive sectors recording substantial increases in turnover.
The stronger revenue performance also helped create the conditions for the wider improvement in profitability recorded across the SOE sector.
SIGA reported consolidated net profit after tax of GH¢19.80 billion for the year, compared with a GH¢2.25 billion net loss previously.
Profit before interest and tax also climbed to GH¢25.49 billion.
Agriculture leads sectoral growth
The more than doubling of revenues in agriculture stands out as the strongest sectoral performance.
Revenue growth of 203.71 per cent points to a substantial expansion in the commercial activities of state entities operating within the agricultural space.
Manufacturing followed with a 114.74 per cent increase, while infrastructure recorded a 92.24 per cent rise.
The performance of the three sectors is particularly significant because they represent areas in which state participation can have wider implications for domestic production, infrastructure development, employment and economic activity.
Revenue growth feeds into profitability
The revenue expansion coincided with a significant improvement in the financial position of the SOE sector.
Lower financing costs also supported the improvement, with finance costs declining by 42.49 per cent.
The sector additionally recorded GH¢11.72 billion in net foreign exchange earnings, reversing a GH¢12.01 billion foreign exchange loss.
Together, the stronger revenues, lower financing costs and improved foreign exchange position contributed to the sector’s return to profitability.
The bigger test is sustainability
While the revenue figures point to a substantial expansion in the scale of business undertaken by state enterprises, the sustainability of that growth will be critical.
Higher revenue does not necessarily mean higher efficiency or stronger shareholder returns if costs rise at the same pace.
The 2025 figures therefore provide a stronger basis for assessing whether Ghana’s state enterprises are becoming commercially viable rather than merely expanding their turnover.
The next test will be whether the revenue gains can be sustained and converted into consistent profits, dividends and improved value for the state.
For Ghana, the significance of the GH¢176.43 billion revenue figure therefore extends beyond the size of the turnover.
It represents a test of whether the country’s state-owned companies can transform growing business activity into durable commercial strength and better returns on public investment.
Source: www.kumasimail.com
