The Ghana Infrastructure Investment Fund (GIIF) recorded a net loss of GH¢1.62 billion in 2025, reversing the GH¢2 billion profit achieved in the previous year.
The Ghana Infrastructure Investment Fund (GIIF) recorded a net loss of GH¢1.62 billion in 2025, reversing the GH¢2 billion profit achieved in the previous year.
According to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA), the reversal followed a sharp decline in income, rising operating costs and a GH¢1.87 billion foreign-exchange loss.
The Fund’s performance deteriorated by approximately GH¢3.62 billion between 2024 and 2025.
GIIF had recorded profits of GH¢232.66 million in 2021, GH¢895.77 million in 2022, GH¢497.60 million in 2023 and GH¢2 billion in 2024 before slipping into a loss in 2025.
Its net profit margin consequently plunged from 96.76 per cent in 2024 to negative 119.16 per cent in 2025, while return on equity fell from 31.68 per cent to negative 33.39 per cent.
The report attributed the loss largely to the movement of the Ghana cedi, which turned a substantial exchange gain in 2024 into a significant loss in 2025.
“GIIF further made an exchange loss of GH¢1,868.16 million in FY2025, whereas it made an exchange gain of GH¢1,253.52 million in FY2024 arising from the appreciation of the Ghana cedi during the period,” SIGA said.
The Fund’s total income also declined by 37.86 per cent, from GH¢813.33 million in 2024 to GH¢505.39 million in 2025.
SIGA said the decline was partly driven by a 22.47 per cent shortfall in interest income, which fell from GH¢605.78 million to GH¢469.64 million.
Operating profit decreased by about 58 per cent, from GH¢768.26 million in 2024 to GH¢324.41 million in 2025.
GIIF’s net operating margin also dropped from 94.46 per cent to 64.19 per cent, while its cost-recovery ratio declined sharply from 626.59 per cent to 193.46 per cent.
The Fund simultaneously experienced a steep rise in operating costs during the year.
“The operating cost in the year increased by 290.25 per cent, mainly because of a 301.57 per cent increase in general and administration expenses from GH¢45.07 million to GH¢180.99 million,” the report stated.
GIIF’s balance sheet also contracted, with total assets falling from GH¢7.83 billion in 2024 to GH¢5.83 billion in 2025, representing a decline of about 25.5 per cent.
Earning assets decreased from GH¢6.01 billion to GH¢4.43 billion, while investment securities fell from GH¢1.62 billion to GH¢1.33 billion.
Cash and cash equivalents declined by about 22 per cent, from GH¢1.77 billion in 2024 to GH¢1.38 billion in 2025.
Shareholders’ equity also dropped from GH¢6.31 billion to GH¢4.86 billion as the year’s loss reduced the Fund’s accumulated financial resources.
“The Fund’s equity followed a similar trend, losing 29.79 per cent to close the year at GH¢4,864 million, occasioned by about GH¢1,624.31 million loss in the period,” SIGA stated.
GIIF’s equity multiplier increased from 1.10 times in 2024 to 1.24 times in 2025, indicating a marginal rise in the use of liabilities relative to equity.
SIGA, however, assessed the level of leverage as remaining within an acceptable risk threshold.
Total liabilities declined from GH¢1.52 billion in 2024 to GH¢968.55 million in 2025. The Fund reported external loans of GH¢961.06 million, accounts payable of GH¢6.02 million and lease liabilities of GH¢1.46 million.
Although the Fund’s liquid assets-to-total assets ratio declined from 78.6 per cent to 76.9 per cent, its liquid assets remained more than sufficient to cover its current liabilities.
Net cash generated from operating activities also improved sharply from a negative GH¢28.14 million in 2024 to GH¢1.72 billion in 2025.
GIIF was established to mobilise and manage financial resources for investment in infrastructure projects across sectors including energy, transport, mining, agribusiness, information and communications technology, hospitality and affordable housing.
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