GPHA records GH¢2.82bn net profit as revenue rises to GH¢7.62bn

The Ghana Ports and Harbours Authority (GPHA) recorded a net profit of GH¢2.82 billion in 2025, representing a 17.18 per cent increase over the approximately GH¢2.41 billion recorded in 2024.

The Authority’s total revenue also increased from GH¢6.998 billion in 2024 to GH¢7.620 billion in 2025, according to the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).

The results reinforce GPHA’s position as one of Ghana’s consistently profitable State-Owned Enterprises and a major contributor to the performance of the country’s transport and logistics subsector.

This was contained in the 2025 State Ownership Report released the State Interest and Governance Authority (SIGA). The report noted that operating revenue increased by 5.95 per cent, from GH¢5.252 billion in 2024 to GH¢5.564 billion in 2025. The growth was principally supported by increased income from cargo services and facilities, reflecting the continuing importance of Ghana’s ports to international trade and the national logistics system.

GPHA’s interest in Meridian Port Services Limited also contributed significantly to the Authority’s performance. Its share of profit from the company increased from GH¢1.276 billion in 2024 to GH¢1.531 billion in 2025. This represented approximately 20.09 per cent of GPHA’s total revenue for the year.

Profitability and returns improve

The report placed GPHA’s net profit margin at 50.69 per cent in 2025, compared with 45.83 per cent in the preceding year. It also identified the Authority as the dominant contributor to the profitability of the transport and logistics subsector.

The subsector remained profitable throughout the five-year period from 2021 to 2025, with its aggregate net profit increasing by 9.16 per cent to GH¢3.211 billion in 2025.

GPHA itself recorded an average annual net profit of approximately GH¢1.410 billion over the five-year period, the second-highest average among State-Owned Enterprises that remained profitable throughout the period.

The Authority’s net profit increased from GH¢485.70 million in 2021 to GH¢655 million in 2022 and GH¢690.10 million in 2023. It rose substantially to GH¢2.401 billion in 2024 before reaching GH¢2.821 billion in 2025.

Returns generated from the Authority’s capital base also strengthened during the year. Return on assets increased from 16.47 per cent in 2024 to 19.07 per cent in 2025, while return on equity rose from 45.98 per cent to approximately 49.55 per cent.

Financial base and cash position strengthen

GPHA’s total assets stood at GH¢19.544 billion at the end of 2025, while total equity increased by 16.01 per cent, from GH¢13.069 billion in 2024 to GH¢15.162 billion.

The report further indicated that the Authority’s debt-to-asset ratio declined during the year. Its equity multiplier also reduced from 1.48 times in 2024 to 1.29 times in 2025, reflecting greater reliance on equity and reduced financial leverage.

GPHA maintained a strong debt-servicing position, with short-term debt coverage increasing from 1.63 times in 2024 to 2.15 times in 2025.

Net cash flow from operating activities was approximately GH¢3.189 billion, while cash and cash equivalents increased to approximately GH¢1.648 billion. The Authority also recorded an operating cash-flow-to-revenue ratio of 0.57.

These indicators demonstrate the Authority’s capacity to support its operations and investments through internally generated resources while maintaining a solid long-term financial position.

Investments support port modernisation

Beyond the financial results, GPHA continued to undertake investments intended to enhance port capacity, operational efficiency and resilience.

The Authority 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 and completed a phase of breakwater restoration intended to reduce direct wave action within the harbour basin.

GPHA also commenced 24-hour operations across all operational areas, supporting continuous port activity and creating the potential for improved cargo processing and reduced delays.

Its environmental interventions included the installation of real-time air-quality monitoring systems financed from internally generated funds and the climate-resilient reinforcement of port breakwater infrastructure.

The Authority, which was established in 1986, is responsible for planning, developing, managing, maintaining and controlling Ghana’s seaports. Its mandate covers vessel handling, stevedoring, cargo transfer and storage, container and general-cargo services, security, safety and port conservancy.

With a workforce of approximately 8,020 employees, GPHA was reported as the second-largest employer among the individual State-Owned Enterprises covered by the report.

The 2025 results highlight GPHA’s contribution to public-sector profitability while pointing to continued investments in port infrastructure, operational modernisation, environmental monitoring and round-the-clock service delivery.

They also affirm the Authority’s central role in Ghana’s drive to strengthen its ports and position the country as a leading trade and logistics hub in West Africa.