The Ghana Ports and Harbours Authority (GPHA) increased its net profit by 17.18 per cent to GH¢2.82 billion in 2025, reinforcing its position as one of the most profitable State-Owned Enterprises (SOEs) in the country.
According to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA), GPHA’s net profit rose from approximately GH¢2.41 billion in 2024 to GH¢2.82 billion in 2025.
The Authority’s net profit margin also improved from 45.83 per cent to 50.69 per cent during the period, meaning more than half of its total revenue was translated into net profit.
GPHA’s total revenue increased from GH¢6.998 billion in 2024 to GH¢7.620 billion in 2025, representing growth of about 8.89 per cent, driven principally by increased income from cargo services and facilities.
Operating revenue also rose by 5.95 per cent, from GH¢5.252 billion to GH¢5.564 billion, despite the capital-intensive nature of port operations, which require substantial investment in infrastructure, equipment, security, maintenance and service delivery.
The report said GPHA’s interest in Meridian Port Services Limited (MPS) also contributed significantly to its financial performance, with the Authority receiving GH¢1.531 billion as its share of profit from MPS in 2025, compared with GH¢1.276 billion in 2024.
The MPS profit contribution represented approximately 20.09 per cent of GPHA’s total revenue for the year.
The report ranked GPHA among the most consistently profitable SOEs, noting that the Authority recorded an average annual net profit of approximately GH¢1.410 billion between 2021 and 2025.
Its profit increased from GH¢485.70 million in 2021 to GH¢655 million in 2022, GH¢690.10 million in 2023, GH¢2.401 billion in 2024 and GH¢2.821 billion in 2025.
GPHA’s return on assets improved from 16.47 per cent in 2024 to 19.07 per cent in 2025, while return on equity increased from 45.98 per cent to approximately 49.55 per cent.
The Authority’s total assets stood at GH¢19.544 billion, while total equity increased by 16.01 per cent, from GH¢13.069 billion in 2024 to GH¢15.162 billion in 2025.
The report further indicated that GPHA’s equity multiplier declined from 1.48 times to 1.29 times, reflecting reduced financial leverage, while short-term debt coverage improved from 1.63 times to 2.15 times.
Operating cash flow amounted to approximately GH¢3.189 billion, with cash and cash equivalents increasing to about GH¢1.648 billion.
On operational performance, the report said GPHA commenced dredging at the Port of Tema to deepen the main harbour basin to a chart datum of minus 14 metres.
It also deployed cargo and container haulage trucks to improve movement across terminals, completed a phase of breakwater restoration and commenced 24-hour operations across all operational areas.
The Authority also invested in real-time air-quality monitoring systems and climate-resilient reinforcement of port breakwater infrastructure.
The report described GPHA’s 2025 performance as strongly positive, citing improved revenue and profitability, stronger margins, improved returns, strong cash generation and debt-servicing capacity, as well as declining leverage.
It said the developments, together with continued investment in port infrastructure and around-the-clock service delivery, affirmed GPHA’s role as a leading contributor to the SOE portfolio and a central institution in Ghana’s ambition to develop its ports into leading trade and logistics hubs in West Africa.
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