By Ashiadey Dotse
The Ghana Shippers’ Authority (GSA) recorded a significant increase in its net surplus in 2025, although much of the growth was driven by a one-off gain from the revaluation of its investment property.
According to the 2025 State Ownership Report, the Authority’s net surplus increased by 271.57 per cent, from GH¢69.52 million in 2024 to GH¢258.30 million in 2025.
The increase pushed the GSA’s net surplus margin from 36.25 per cent to 67.95 per cent. Total income also nearly doubled during the year, rising by 98.24 per cent from GH¢191.76 million to GH¢380.15 million.
However, the report said the strong growth in income and surplus was largely due to a GH¢196.49 million fair-value gain on investment property, which was not recorded in 2024.
It noted that the gain did not necessarily reflect an improvement in the Authority’s underlying operations.
The GSA’s total assets increased by 53.2 per cent, from GH¢639.65 million in 2024 to GH¢979.92 million in 2025.
Non-current assets recorded the biggest increase, rising from GH¢99.01 million to GH¢888.55 million.
The report attributed the sharp rise mainly to investments in capital projects that were still under construction.
The increase suggests that the Authority continued to expand its long-term infrastructure and operational capacity during the year.
The GSA’s accumulated fund, which represents its total equity, also more than doubled.
It increased by 100.3 per cent, from GH¢404.70 million in 2024 to GH¢810.46 million in 2025.
The report said the increase was mainly driven by the GH¢258.30 million net surplus and the recognition of a GH¢109.70 million revaluation reserve.
The Authority also reduced its outstanding debt during the year. Its BILT-Ghana Ports and Harbours Authority loan fell by 28.91 per cent, from GH¢229.97 million in 2024 to GH¢163.48 million in 2025.
This represents a reduction of GH¢66.49 million.
Total liabilities also fell from GH¢234.95 million to GH¢169.46 million.
As a result, the GSA’s debt-to-assets ratio improved significantly, falling from 36.73 per cent in 2024 to 17.29 per cent in 2025.
The report said the reduction in debt showed continued progress in meeting the Authority’s financial obligations and improving its solvency position.
Liquidity remains strong
The GSA maintained a strong liquidity position in 2025 despite a decline in some short-term financial indicators.
Its current ratio fell from 108.48 times in 2024 to 15.28 times in 2025. Despite the decline, the report described the ratio as exceptionally high and said it showed that the Authority remained well positioned to meet its short-term obligations.
Short-term debt coverage also fell from 1,338.88 per cent to 776.38 per cent but remained strong.
Internally generated funds covered 146.88 per cent of operating expenditure in 2025, compared with 153.38 per cent in 2024.
This means the Authority continued to generate enough funds from its operations to cover its operating costs.
Personnel costs also accounted for a smaller share of the Authority’s revenue. Personnel expenditure fell from 24.55 per cent of total revenue in 2024 to 16.91 per cent in 2025.
The GSA employed 102 people in 2025, the same number as in 2024.
Internally generated funds decline
Despite the strong overall financial results, the Authority’s internally generated funds fell by 4.55 per cent.
The funds declined from GH¢187.50 million in 2024 to GH¢178.97 million in 2025.
As a result, internally generated funds accounted for 47.08 per cent of total income in 2025, compared with 97.78 per cent in 2024.
The report said the decline pointed to weaker performance in the Authority’s core revenue activities.
It stressed that the strong increase in total income was largely influenced by the one-off gain from the revaluation of investment property.
Cash holdings fall
The GSA’s cash and cash equivalents also fell sharply during the year.
Cash holdings dropped by 87.27 per cent, from GH¢502.29 million in 2024 to GH¢63.97 million in 2025.
The report attributed the decline mainly to significant spending on capital projects under construction.
Net cash used for investing activities increased sharply to GH¢489.87 million in 2025, compared with GH¢10.86 million in 2024.
At the same time, net cash generated from operating activities fell from GH¢66.73 million to GH¢46.42 million.
The Authority’s operating cash flow-to-revenue ratio consequently declined from 34.8 per cent to 12.21 per cent.
Despite these changes, the report said the GSA continued to maintain strong liquidity and cash-generating capacity.
Digital and environmental initiatives
The Ghana Shippers’ Authority also continued to implement environmental and digital initiatives during the year.
As part of its environmental efforts, the Authority participated in the annual Green Ghana project.
It also introduced measures to reduce energy consumption by ensuring that air conditioners, laptops and other electrical equipment were switched off after working hours.
The Authority continued to reduce its use of paper by sharing documents through its corporate email system.
It also digitised several administrative processes, including memorandum and leave management systems.
Among the major events organised by the GSA in 2025 were the seventh Ghana Shippers Awards on November 28 and the 15th Maritime Law Seminar for judges of the Superior Courts of Judicature on October 31.
Established in 1974, the Ghana Shippers’ Authority is responsible for protecting and promoting the interests of shippers. It also regulates commercial activities relating to the shipment, storage and delivery of international trade cargo by sea, air and land.
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