Government has announced its intention to list TDC Ghana Ltd on the Ghana Stock Exchange (GSE). This strategic pivot was disclosed by the Acting Director-General of the State Interests and Governance Authority (SIGA), Prof. Michael Kpessa-Whyte, during the company’s Annual General Meeting held to approve the 2024 financial results.
According to Prof. Kpessa-Whyte, the transition to a listed entity is designed to enable the company to raise low-cost capital, fostering the necessary financial muscle to scale its housing projects across the country.
TDC stands out as a rare example of a state-owned enterprise that remains consistently profitable and diligent in its fiscal obligations. For the 2024 financial year, the company posted a profit before tax of GH₵88.22 million, marking a significant 20.88% increase over the previous year’s GH₵72.98 million. This growth was mirrored in the company’s balance sheet, which saw total assets expand by 19.02% to reach GH₵733.76 million. With profit margins improving by nearly 10%, TDC declared a dividend of GH₵3 million to its sole shareholder, the Government of Ghana. Considering the sector that it operates in, many analysts believe that TDC can have a bigger assets base if it is given the needed push.
Managing Director Courage Nunekpeku said the 2025 financial report will produce a better performance, emphasizing that the company is intensifying efforts to improve operational efficiency while expanding into other regional capitals.
Speaking to The High Street Journal, Mr. Nunekpeku revealed that TDC is exploring a mix of financing options to fund its growth, including joint ventures and Public-Private Partnerships. He noted that preliminary discussions have already taken place with the Managing Director of the Ghana Stock Exchange to determine the most viable path toward a public listing.
Founded 70 years ago as the Tema Development Corporation, TDC has evolved from a local planning authority into a diversified limited liability company with a growing national footprint. That expansion is already underway. Following a sod-cutting ceremony by President Mahama late last year, the company launched its “Oxygen” housing project in the Volta Region. A similar large-scale development is planned for the Ashanti regional capital, reinforcing TDC’s ambition to position itself as a national leader in modern housing delivery.
