Ghana’s Key State Institutions Deliver Strong 2025 Profits: VRA, NPA, EPA, Shippers Authority & COCOBOD Lead SOE Turnaround

Accra, Ghana; In a significant boost to public sector confidence, five major state institutions the Volta River Authority (VRA), National Petroleum Authority (NPA), Environmental Protection Agency (EPA), Ghana Shippers Authority and the Ghana Cocoa Board (COCOBOD) all recorded profits or surpluses in the 2025 financial year.

The figures, contained in the newly released 2025 State Ownership Report by the State Interests and Governance Authority (SIGA), form part of a wider SOE sector recovery. Ghana’s state-owned enterprises collectively posted a GH¢19.80 billion net profit after tax in 2025, reversing four consecutive years of losses and a GH¢2.25 billion deficit the previous year. Total SOE revenue also climbed 28.12% to GH¢176.43 billion.

1. Volta River Authority (VRA)

VRA returned to profitability with a net profit of GH¢88.04 million in 2025, reversing a GH¢105.75 million loss recorded in 2024. The turnaround was largely driven by a massive foreign exchange gain of GH¢236.60 million (compared with a GH¢694.67 million FX loss the year before). Operating profit, however, fell sharply from GH¢814 million to just GH¢30 million, highlighting that the bottom-line recovery was more about currency movements and financial items than core generation performance. Cash flow from operations improved dramatically to GH¢1.58 billion.

2. National Petroleum Authority (NPA) 

The NPA delivered one of the cleanest improvements, posting a surplus of GH¢447.19 million a 75.89% jump from GH¢254.24 million in 2024. Total revenue rose 43.09% to GH¢819.50 million, powered by higher internally generated funds (up 38.4% to GH¢596.50 million) and a sharp rise in finance income. The Authority managed to grow revenue significantly faster than expenditure, resulting in a healthier surplus margin.

3. Environmental Protection Agency (EPA)

The EPA recorded a net surplus of GH¢25.01 million while dramatically strengthening its balance sheet. Its accumulated fund more than tripled from GH¢110.59 million to GH¢375.19 million. Total income grew 24.12% to GH¢306.34 million, almost entirely from internally generated funds. Debt-to-asset ratio improved sharply from 16.53% to 4.91%, signalling a more conservative and self-sustaining financial position.

4. Ghana Shippers Authority

The Ghana Shippers Authority posted a net surplus of GH¢258.30 million, a remarkable 271.5% increase from GH¢69.52 million in 2024. Total income nearly doubled to GH¢380.15 million and total assets approached GH¢1 billion (GH¢979.92 million). However, SIGA noted that a large portion of the income boost came from a one-off fair-value gain of GH¢196.49 million on investment property. While the overall financial position strengthened significantly, the underlying operational growth was more modest than the headline surplus suggests.

5. COCOBOD 

COCOBOD delivered the most dramatic recovery, swinging from a GH¢5.73 billion loss in 2024 to a net profit of GH¢5.11 billion in 2025. Operating revenue exploded by 207.67% to GH¢48.62 billion, driven by higher cocoa purchases, export sales (up 194% to GH¢35.70 billion) and strong domestic sales. Operating profit moved from a GH¢4.07 billion loss to a GH¢6.17 billion profit. Equity also turned positive, rising from a negative GH¢3.65 billion to a positive GH¢1.48 billion.

The collective performance of these five institutions reflects improved revenue mobilisation, better treasury management, and (in several cases) favourable currency movements following the cedi’s relative stability.

SIGA’s report shows that agriculture, manufacturing and infrastructure sub-sectors led the broader SOE recovery. A stronger cedi also helped many entities record net foreign exchange gains instead of the heavy losses seen in 2024. Still, challenges remain. Some large utilities continue to struggle, and one-off gains (such as property revaluations) mean not every surplus is equally sustainable. Continued focus on operational efficiency, cost control and transparent reporting will be essential if these gains are to be locked in for the long term.