By Jibril Abdul Mumuni
Accra, Sept. 10, GNA –Ghana’s improved macroeconomic conditions played a key role in the strong financial performance State-Owned Enterprises (SOEs) in 2025, reaping record a profit after tax of GH¢19 billion, according to the 2025 State Ownership Report.
Presenting the report at the 2026 Governing Boards and CEOs Conference, Mr Eric Bonsu Agyabeng, Head of Performance, Monitoring and Evaluation at the State Interests and Governance Authority (SIGA), said the strong performance could not be discussed without considering the significant improvement in Ghana’s macroeconomic environment in 2025.
He said headline inflation declined from 23.8 per cent in 2024 to 5.4 per cent in 2025, while the cedi strengthened to GH¢10.45 to the US dollar from GH¢14.70 in the previous year.
According to Mr Agyabeng, the improved economic conditions had a direct impact on the operations of state enterprises, particularly those that depend on imported inputs and foreign currency financing.
He said total revenue generated by SOEs increased to GH¢176.4 billion in 2025, representing a 28.2 per cent rise over the previous year.
The enterprises also generated more income from their core operations while keeping expenditure under better control.
“The stronger cedi reduced the cost of importing raw materials and other operational inputs, helping many enterprises improve their cost recovery and financial performance,” Mr Agyabeng noted.
He said macroeconomic stability also eased pressure on enterprises with foreign currency debt.
“Expenditure was brought under control because entities which were using more foreign denomination for their input costs saw a reduction in the number of cedis that they used to import raw materials,” he said.
According to the report, financing costs fell from about GH¢6.3 billion in 2024 to GH¢3 billion in 2025, contributing to improved profitability across the sector.
Profit before interest and tax rose sharply from GH¢5 billion in 2024 to GH¢25 billion in 2025.
The report also highlighted the impact of exchange rate stability on the performance of SOEs.
Mr Agyabeng said SOEs moved from a net foreign exchange loss of GH¢12 billion in 2024 to a net foreign exchange gain of GH¢11.7 billion in 2025.
“This change is one of the large contributors to the bottom-line performance that we saw when the report was published,” he said.
He explained that state-owned enterprises did not operate in isolation and that their performance was closely linked to developments in the wider economy.
“Our SOEs do not live on an island; they operate in an ecosystem, and therefore sound management decisions are a function of the macro environment.” Mr Agyabeng said.
The improved business environment was reflected across most sectors of the economy.
The energy sector moved from a loss of GH¢4.6 billion in 2024 to a profit of GH¢4.4 billion in 2025, while the agriculture, finance and allied sectors also recorded stronger performances.
Out of the 53 SOEs assessed, 34 reported profits after tax, while 19 recorded losses, according to the report.
Despite the gains, Mr Agyabeng said the report identified high liabilities among some major state enterprises, including the Electricity Company of Ghana, Volta River Authority and COCOBOD, as areas requiring attention.
He said the findings demonstrated the significant impact of macroeconomic stability on the performance of state enterprises and underscored the need to sustain a favourable economic environment to support profitability and long-term growth.
GNA
Reporter :Jibril Abdul Mumuni
Email: [email protected]
Edited by Samuel Osei-Frempong