Dividend payments from Ghana’s state‑owned enterprises (SOEs) fell 45.5 percent in 2025, according to the State Ownership Report released by the State Interests and Governance Authority (SIGA). The report recorded total SOE dividends at GHS16.0 million for FY2025, down from GHS29.36 million in FY2024.
These receipts now represent just 0.92 percent of the GHS1.746 billion in dividends the Government received from institutional groups, highlighting the modest role of SOEs in national revenue.
Only two SOEs paid dividends during the review period. Ghana Reinsurance Company Limited (Ghana Re) returned GHS13.0 million, a decline from GHS25.0 million the year before, while Tema Development Company Limited (TDC) paid GHS3.0 million, unchanged from FY2024.
The report praised TDC and Ghana Re for maintaining consistent shareholder returns, describing their performance as evidence of prudent financial management and operational resilience. However, it warned that the overall drop underscored the need for stronger profitability across the SOE landscape.
Persistent balance‑sheet weaknesses were cited as a key factor, with several enterprises still operating with negative equity, including AirtelTigo Ghana Limited, Ghana Water Limited, GNPA Limited and Tema Oil Refinery. Sustained losses and accumulated liabilities continue to constrain their ability to generate shareholder value and make dividend payments.
SIGA was urged to intensify efforts to improve efficiency, strengthen corporate governance and enhance financial sustainability across the sector. The report stressed that increasing dividend payments is critical to ensuring that state‑owned enterprises contribute meaningfully to national revenue mobilisation and provide adequate returns on public investments.
These findings arrive amid broader efforts to improve public sector efficiency and maximise value from state investments as part of economic recovery and fiscal consolidation.
