Ghana’s state-owned enterprise sector staged a remarkable financial recovery in 2025, with several government-owned entities recording billions of cedis in profit after a difficult year in 2024.
According to the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA) on September 1, 2026, state-owned enterprises (SOEs) recorded a combined net profit after tax of GH¢19.80 billion in 2025.
That represents a sharp turnaround from the GH¢2.25 billion net loss recorded by the sector in 2024.
The improvement was accompanied by strong growth in revenue, which increased by 28.12%, from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
Based on the financial results highlighted in the SIGA report, these are the 10 biggest profit-making state-owned entities in Ghana for 2025.
1. Ghana Cocoa Board (COCOBOD), GH¢5.11 billion
The Ghana Cocoa Board emerged as the most profitable state-owned entity in 2025, recording a net profit of GH¢5.11 billion.
The result represents a major turnaround from the GH¢5.73 billion loss recorded by COCOBOD in 2024.
Its operating revenue also increased significantly, rising from GH¢15.80 billion in 2024 to GH¢48.62 billion in 2025.
SIGA attributed the increase to factors including higher cocoa purchases and stronger export and domestic sales.
2. Ghana National Petroleum Corporation (GNPC), GH¢4.50 billion
The Ghana National Petroleum Corporation recorded a net profit of approximately GH¢4.50 billion in 2025.
The performance placed GNPC among the strongest-performing state-owned entities and made it one of the largest contributors to the sector’s overall return to profitability.
3. Ghana Ports and Harbours Authority (GPHA), GH¢2.82 billion
The Ghana Ports and Harbours Authority posted a net profit of about GH¢2.82 billion in 2025.
GPHA was also among the state-owned entities that remained profitable throughout the five-year period assessed by SIGA.
4. Minerals Income Investment Fund (MIIF), GH¢1.14 billion
The Minerals Income Investment Fund recorded a net profit of approximately GH¢1.14 billion in 2025.
MIIF was also identified by SIGA as one of the entities that maintained profitability throughout the five-year period covered by the assessment.
5. Tema Oil Refinery (TOR), GH¢1.09 billion
Tema Oil Refinery recorded one of the most striking financial turnarounds among Ghana’s state-owned enterprises.
TOR moved from a GH¢745 million loss in 2024 to a net profit of about GH¢1.09 billion in 2025.
The result was described as the refinery’s strongest financial performance in almost a decade.
6. Ghana Gold Board (GoldBod), GH¢896.52 million
The Ghana Gold Board recorded a net profit of GH¢896.52 million in 2025, its first year of operation under its new structure.
The performance placed GoldBod among the leading profit-making state-owned entities for the year.
The institution’s financial results have also featured prominently in discussions about its operations and its role in Ghana’s gold trading and foreign exchange market.
7. Bui Power Authority, about US$66.2 million
Bui Power Authority recorded a net profit of approximately US$66.2 million in 2025, on revenue of about US$145.9 million.
The authority generated 1,438 gigawatt-hours of electricity during the year, exceeding its annual target of 1,350GWh by 6.5%.
Its installed solar capacity also increased significantly, from 55MWp to 105MWp during the year.
8. BOST Energies, GH¢683.96 million
BOST Energies recorded a net profit of approximately GH¢683.96 million in 2025.
The result placed the company among the stronger-performing state-owned enterprises during the year.
SIGA also identified BOST Energies among the entities that remained profitable throughout the five-year period under review.
9. Ghana Water Limited, GH¢635.23 million
Ghana Water Limited returned to profitability in 2025 after recording a GH¢3.06 billion loss the previous year.
The company posted a net profit of GH¢635.23 million in 2025.
SIGA’s figures, however, indicate that a significant part of the turnaround was supported by a GH¢2.05 billion foreign exchange gain recorded during the year.
10. Ghana Grid Company Limited (GRIDCo), GH¢584.46 million
Ghana Grid Company Limited recorded a net profit of GH¢584.46 million in 2025, up from GH¢309.23 million in 2024.
Despite the increase in net profit, GRIDCo’s core operating performance weakened during the period.
Its operating profit fell sharply from GH¢955.19 million in 2024 to GH¢100.82 million in 2025.
The increase in overall net profit was largely supported by a significant rise in finance income.
Overall performance of Ghana’s SOEs
The SIGA report shows that 34 of the 53 state-owned enterprises assessed recorded profits in 2025, helping the sector reverse the losses recorded the previous year.
The authority attributed part of the improvement to foreign exchange gains and lower financing costs.
SOEs recorded net foreign exchange earnings of GH¢11.72 billion in 2025, compared with a GH¢12.01 billion foreign exchange loss in 2024.
Finance costs also declined by 42.49% during the year.
Despite the impressive recovery, the report shows that the financial performance of Ghana’s state-owned enterprises remains uneven, with some entities continuing to face significant operational and financial challenges.
