Ghana’s State Enterprises Post Mixed Results as Irregularities Fall 63%
Ghana's 2025 State Ownership Report reveals a mixed financial landscape for state entities, highlighted by a significant reduction in financial irregularities. While institutions like GEXIM Bank, NPA, YEA, and EPA showed robust growth and resilience, others such as CBG faced profitability challenges, and CPC experienced a sharp financial deterioration. The report underscores the need for continued strategic interventions to ensure the sustainability and economic contribution of these public institutions.
Ghana’s 2025 State Ownership Report has revealed a mixed financial picture across state-owned enterprises and other public institutions, with financial irregularities falling sharply while several entities recorded stronger results.
According to the State Interests and Governance Authority (SIGA), irregularities across five audited sectors dropped by 62.9 per cent, from about GH¢20.72 billion in 2024 to GH¢7.69 billion in 2025, surpassing the government’s 50 per cent reduction target.
The report, themed “Resetting the Economy for a Better Ghana,” attributed the improvement to stronger financial controls, accountability and public financial management.
Several institutions recorded notable gains, with GEXIM Bank, the National Petroleum Authority (NPA), Youth Employment Agency (YEA) and Environmental Protection Agency (EPA) posting improvements in revenue, profitability or financial resilience.
GEXIM Bank increased interest income and strengthened its capital adequacy ratio, while NPA’s revenue and surplus rose significantly, and YEA moved from a GH¢77.58 million deficit to a GH¢110.45 million surplus.
The EPA also more than tripled its accumulated fund to GH¢375.19 million and reduced its debt-to-asset ratio, pointing to stronger financial capacity.
However, the report also highlighted persistent weaknesses among some state-linked entities, particularly Consolidated Bank Ghana Limited (CBG) and Cocoa Processing Company (CPC). CBG’s profit before tax plunged by 87.25 per cent despite growth in assets and deposits, while CPC’s operating revenue fell by 46.87 per cent and its net loss widened to GH¢144.06 million, accompanied by severe equity erosion and weak liquidity.
The findings suggest that while Ghana’s public-sector financial management is showing measurable improvement, stronger oversight and targeted restructuring remain necessary to prevent individual institutions from undermining the broader gains.