The Ghana National Gas Company Ltd (Ghana Gas) posted a net profit of GHS248 million ($21.6 million) in 2025, despite a decline in revenue and gross profit, according to the company’s financial statements.
Gross profit fell to GHS1.23 billion in 2025 from GHS1.54 billion a year earlier, while revenue declined 11% to GHS5.85 billion from GHS6.56 billion.
Chief Executive Officer Judith Adjobah Blay said the decline in revenue was partly due to the appreciation of Ghana’s cedi, while prudent expenditure management and targeted cost-optimisation measures helped mitigate the impact on the company’s bottom line.
“Gross profit for the period amounted to Gh¢1,227,000,000, compared with Gh¢1,536,000,000 in 2024,” the company said in its financial statements. “While direct costs of sales declined during the period, the reduction did not fully absorb the adverse impact of lower approved tariff rates and unfavourable foreign exchange movements, resulting in a reduction in gross profit margin.”
Revenue from the sale of lean gas stood at GHS5.28 billion in 2025, down from GHS5.70 billion in 2024. Revenue from LPG sales fell to GHS482.1 million from GHS604.9 million, while condensate sales declined to GHS91.8 million from GHS255.6 million.
Operating expenses declined 8% to GHS4.62 billion from GHS5.03 billion in 2024, primarily due to lower operations and maintenance costs, the company said.
Ghana Gas invested GHS426 million in capital expenditure during the year, mainly on strategic infrastructure projects aimed at increasing processing capacity and improving the reliability of its gas facilities.
Blay said key achievements during the year included the acquisition of AKSA Energy Limited’s 4-km, 12-inch high-pressure natural gas pipeline in Tema.
The company also signed a construction and tie-in agreement with Continental Blue Investment (CBI) for an 8-inch gas pipeline to transport lean gas for the production of gypsum boards for export, as well as a gas sale and construction agreement with Tetracore Ghana Limited, she said.
“Beyond the visible achievements, there was also a shift in mindset across the organisation,” Blay said.
Looking ahead, Ghana Gas will accelerate investment in gas infrastructure to improve the reliability, security and efficiency of gas delivery while further consolidating its role as the National Gas Transmission Utility, Blay said.
Board Chairman Kofi Totobi Quakyi said the board and management had strengthened governance structures during the year through enhanced internal controls and reporting frameworks, with an emphasis on accountability and ethical conduct.
“These principles continue to underpin our reporting and decision-making processes, safeguard long-term sustainability, and drive organisational performance,” he said.
Energy and Green Transition Minister John Abdulai Jinapor commended Ghana Gas for its operational and financial performance, describing the company as a critical pillar of Ghana’s energy security and industrial development.
Jinapor said Ghana Gas recorded growth in gas processing and LPG production and achieved a 97% increase in net profit during the period under review.
He said the company’s performance underscored its role in supporting the government’s Gas-to-Power agenda and ensuring a reliable supply of natural gas to power producers and other sectors of the economy.
“Ghana Gas delivered strong results, recording growth in gas processing and LPG production, alongside an impressive 97% increase in net profit. These achievements reaffirm the Company’s vital role in strengthening Ghana’s energy security and supporting the Government’s Gas-to-Power agenda,” Jinapor said.
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