ECG And Four Other State Firms Post Losses for Fifth Straight Year - SIGA Reports

The Electricity Company of Ghana (ECG) and four other state-owned enterprises recorded losses every year from 2021 to 2025, according to the State Interests and Governance Authority (SIGA). 

The persistently loss-making entities are ECG, Ghana Cylinder Manufacturing Company Limited, GNPA Limited, Graphic Communications Group Company Limited and Ghana Digital Centre. 

SIGA disclosed the findings in its 2025 State Ownership Report, which assessed the financial and operational performance of Ghana’s specified entities.

Despite these ongoing losses, the broader state-owned enterprise (SOE) sector returned to profitability in 2025. It posted a combined net profit after tax of GH¢19.80 billion, reversing a GH¢2.25 billion net loss in 2024 and ending a four-year cycle of consolidated losses.

ECG alone accounted for GH¢82.31 billion of the sector’s total liabilities, which stood at GH¢281.99 billion in 2025. Total assets for the sector declined 5.86% to GH¢407.84 billion.

SIGA also noted that six entities, including AirtelTigo Ghana Limited, GIHOC Distilleries and Tema Oil Refinery, maintained negative equity throughout the 2021–2025 period.

The Authority said the overall improvement must be converted into sustained performance. It called for stronger accountability, disciplined capital allocation and decisive action on chronically underperforming entities to move them from recovery to resilience and deliver sustainable value for Ghanaian taxpayers.