The Ghana Ports and Harbours Authority (GPHA) recorded a 17.18 percent increase in net profit to GH¢2.82 billion in 2025, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The performance strengthened GPHA’s position among Ghana’s most profitable State-Owned Enterprises (SOEs), with its net profit rising from about GH¢2.40 billion in 2024 to GH¢2.82 billion in 2025.
The report said GPHA’s net profit margin also improved from 45.83 percent in 2024 to 50.69 percent in 2025, indicating stronger profitability during the period.
Revenue Growth
GPHA’s total revenue increased by 8.89 percent from GH¢6.998 billion in 2024 to GH¢7.620 billion in 2025.
The growth was driven mainly by increased income from cargo services and port facilities.
Operating revenue also rose by 5.95 percent from GH¢5.252 billion to GH¢5.564 billion.
SIGA said the performance was significant given the capital-intensive nature of port operations, which require substantial investment in infrastructure, equipment, security, maintenance and other services.
A major contributor to GPHA’s financial performance was its interest in Meridian Port Services Limited (MPS).
GPHA received GH¢1.531 billion as its share of profit from MPS in 2025, up from GH¢1.276 billion in 2024.
The contribution represented about 20.09 percent of GPHA’s total revenue for the year.
Strong Profitability Over Five Years
The report ranked GPHA among the most consistently profitable SOEs, recording an average annual net profit of approximately GH¢1.410 billion between 2021 and 2025.
Its net profit increased from GH¢485.70 million in 2021 to GH¢655 million in 2022 and GH¢690.10 million in 2023.
Profit subsequently increased sharply to GH¢2.401 billion in 2024 before rising further to GH¢2.821 billion in 2025.
GPHA’s return on assets also improved from 16.47 percent in 2024 to 19.07 percent in 2025, while return on equity increased from 45.98 percent to approximately 49.55 percent.
Improved Financial Position
The Authority’s total assets stood at GH¢19.544 billion in 2025, while total equity increased by 16.01 percent from GH¢13.069 billion in 2024 to GH¢15.162 billion.
The report said GPHA’s equity multiplier declined from 1.48 times to 1.29 times, reflecting reduced reliance on financial leverage.
Its short-term debt coverage also improved from 1.63 times to 2.15 times.
GPHA generated approximately GH¢3.189 billion in operating cash flow during the year, while cash and cash equivalents increased to about GH¢1.648 billion.
SIGA said the figures pointed to stronger cash generation and improved capacity to meet financial obligations.
Investment In Port Infrastructure
The improved financial performance was accompanied by continued investment in port infrastructure and operations.
According to the report, GPHA commenced dredging works at the Port of Tema to deepen the main harbour basin to a chart datum of minus 14 metres.
The Authority 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.
It further invested in real-time air-quality monitoring systems and climate-resilient reinforcement of port breakwater infrastructure.
SIGA described GPHA’s 2025 performance as strongly positive, citing improved revenue and profitability, stronger margins, higher returns, strong cash generation and improved debt-servicing capacity.
The report said the combination of financial performance and continued investment in port infrastructure strengthened GPHA’s position as a leading contributor to Ghana’s SOE portfolio.
It added that the developments also supported Ghana’s ambition to position its ports as leading trade and logistics hubs in West Africa.
