Ghana Airports Company to Pay GH¢30m Dividend to Government for First Time Since 2007

The Ghana Airports Company Limited (GACL) has earmarked GH¢30 million for payment to the Government of Ghana, marking the first dividend payment since the company was established in 2007 — a milestone in the state-owned aviation firm's financial relationship with its sole shareholder.

Managing Director Yvonne Afriyie Opare announced the development at the company's 11th Annual General Meeting, where she presented management's report on operational and financial performance for the year ended December 31, 2025. "GACL has earmarked an amount of 30 million Ghana cedis to pay to a hundred percent shareholder, the Government of Ghana, for the first time since the establishment of the company in 2007," she said.

Background and Financial Pressures

GACL was incorporated in January 2006 and began operations on January 1, 2007, following the split of the former Ghana Civil Aviation Authority (GCAA). As an executing agency under the Ministry of Transport, GACL's mandate covers not only Kotoka International Airport in Accra but also regional airports in Kumasi, Tamale, Sunyani and Ho, as well as several airstrips.

The profitability of the regional airports, however, remains a persistent burden. Opare acknowledged at the AGM that "domestic business operations and all other regional airports are not yet profitable." The company finances much of this infrastructure development and related public services from its own resources, placing sustained pressure on its liquidity position.

GACL also faces debt-servicing obligations tied to the loan facility used to develop Terminal 3 at Kotoka International Airport. To ease its repayment burden, the company secured approval to restructure and refinance its syndicated loan. The arrangement provides for an eight-year extension of the repayment period, alongside a one-year moratorium on principal repayments, designed to give the company additional room to manage cash flows and meet investment commitments while sustaining airport operations.

Strong 2025 Operating Performance

Despite the financial pressures, GACL recorded growth across key aviation indicators in 2025. Passenger traffic rose 6 percent to 3.6 million, up from 3.4 million in 2024. Aircraft movements increased 2.2 percent to 47,270, while cargo volumes grew 4.8 percent to 44,826 tonnes.

The improved traffic supported a rise in profit, which climbed to GH¢354.6 million in 2025 from approximately GH¢336 million the previous year. However, reports note a discrepancy with the State Interests and Governance Authority (SIGA) 2025 State Ownership Report, which put GACL's net profit at GH¢355.94 million, down 30.64 percent from GH¢513.17 million in 2024 — a variance in reporting basis that has not been explained.

Symbolism Versus Substance

For a state-owned enterprise that has long shouldered policy-driven infrastructure investment while its regional airports continue to lose money, the proposed GH¢30 million dividend carries significance beyond its financial size. It signals to the government and the public that GACL, while fulfilling its public mandate to expand aviation infrastructure nationwide, is seeking to demonstrate a commercial capacity to return value to its shareholder.

Yet the challenges remain clear. SIGA data shows GACL's total liabilities at GH¢6.95 billion, with finance costs of GH¢492.16 million. Its current ratio improved from 0.57 to 0.73 but remains below 1, meaning short-term assets do not cover short-term obligations. Until the regional airports turn profitable and the Terminal 3 loan burden is fundamentally eased, the sustainability of this maiden dividend remains to be seen.