The Ghana Ports and Harbours Authority (GPHA) recorded a net profit of GHc2.82 billion in 2025, representing a 17.18 per cent increase over the approximately GH¢2.41 billion recorded in 2024.
The strong performance reinforces GPHA’s position as one of Ghana’s consistently profitable State-Owned Enterprises (SOEs) and a major contributor to the transport and logistics subsector. The figures are contained in the 2025 State Ownership Report released by the State Interests and Governance Authority (SIGA).
GPHA’s total revenue increased from GHc6.988 billion in 2024 to GHc7.620 billion in 2025, while operating revenue rose 5.95 per cent from GH¢5.252 billion to GH¢5.564 billion.
According to the report, the growth in operating revenue was principally driven by increased income from cargo services and port facilities, reflecting the continuing importance of Ghana’s ports to international trade and the national logistics system.
GPHA’s interest in Meridian Port Service Limited (MPS) also made a significant contribution to its financial performance. The Authority’s share of profit from MPS increased from GHc1.276 billion in 2024 to GHc1.531 billion in 2025, accounting for approximately 20.09 per cent of its total revenue for the year.
The combination of stronger operating revenue and higher investment income helped push GPHA’s net profit margin from 45.83% in 2024 to 50.69% in 2025. The Authority’s profit has risen significantly over the five-year period, from GH¢485.70 million in 2021 to GH¢655 million in 2022 and GH¢690.10 million in 2023, before surging to GH¢2.401 billion in 2024 and GH¢2.821 billion in 2025.
GPHA also improved its returns on assets and equity during the year. Return On Assets (ROA) increased from 16.47% in 2024 to 19.07% in 2025 while Return On Equity (ROE) rose from 45.98 per cent to approximately 49.55% The Authority’s total assets stood at GHc19.544 billion at the end of 2025, while total equity increased 16.01 per cent from GH¢13.069 billion to GHc15.162 billion
At the same time, GPHA’s debt-to-asset ratio declined and its equity multiplier fell from 1.48 times to 1.29 times. The lower equity multiplier indicates reduced financial leverage and greater reliance on equity in financing the Authority’s assets, pointing to a stronger capital position. GPHA was identified by SIGA as the dominant contributor to profitability in the transport and logistics subsector.
The subsector remained profitable throughout the five-year period from 2021 to 2025, with aggregate net profit increasing by 9.16% to GHc 3.211 billion in 2025. GPHA recorded an average annual net profit of approximately GHc1.410 billion over the period, the second-highest average among SOEs that remained profitable throughout the five years.
Its latest results therefore reflect not only continued growth in its own financial performance but also its significant contribution to the broader profitability of Ghana’s State-owned transport and logistics enterprises.
Philbert Amiba Ayuusah