The Ghana Shippers’ Authority (GSA) recorded significant financial gains in 2025, with its net surplus increasing by 271.57 per cent as total income, assets and accumulated funds rose substantially.According to the 2025 State Ownership Report, the Authority’s net surplus increased from GH¢69.52 million in 2024 to GH¢258.30 million in 2025.Its net surplus margin consequently improved from 36.25 per cent to 67.95 per cent over the period.Total income almost doubled, rising by 98.24 per cent from GH¢191.76 million in 2024 to GH¢380.15 million in 2025.The growth was driven mainly by a GH¢196.49 million fair-value gain on investment property, which was not recorded in the previous year.The report, however, noted that the substantial improvement in income and surplus was largely attributable to the one-off property valuation gain rather than growth in the Authority’s underlying operations.Assets increase by 53%The Authority’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 rose sharply from GH¢99.01 million to GH¢888.55 million, largely reflecting considerable investments in capital projects classified as work in progress.The growth in non-current assets showed that the Authority continued to expand its long-term operational and infrastructure capacity during the year.Its accumulated fund, or total equity, more than doubled, increasing by 100.3 per cent from GH¢404.70 million in 2024 to GH¢810.46 million in 2025.According to the report, the expansion was driven primarily by the GH¢258.30 million net surplus and the recognition of a GH¢109.70 million revaluation reserve.The stronger equity base and reduction in leverage considerably improved the Authority’s long-term financial position.Debt falls by GH¢66.49m.The outstanding balance on the Authority’s BILT-Ghana Ports and Harbours Authority loan declined by 28.91 per cent.The debt fell from GH¢229.97 million in 2024 to GH¢163.48 million in 2025, representing a reduction of GH¢66.49 million.Total liabilities also decreased from GH¢234.95 million to GH¢169.46 million.Consequently, the Authority’s debt-to-assets ratio declined substantially from 36.73 per cent in 2024 to 17.29 per cent in 2025.The report said the reduction demonstrated continued progress in addressing the Authority’s debt obligations and reflected a stronger solvency position.Strong capacity to meet short-term obligationsGSA maintained a strong liquidity position during the year despite reductions in some of its short-term financial indicators.Its current ratio declined from 108.48 times in 2024 to 15.28 times in 2025. The report, however, described the ratio as exceptionally high, demonstrating that the Authority maintained a strong capacity to meet its short-term obligations.Short-term debt coverage declined from 1,338.88 per cent to 776.38 per cent but remained at a robust level.The ratio of internally generated funds to operating expenditure stood at 146.88 per cent in 2025, compared with 153.38 per cent in 2024. This meant that the Authority’s internally generated revenue remained sufficient to cover its operating expenditure.Personnel expenditure as a proportion of total revenue also improved, falling from 24.55 per cent in 2024 to 16.91 per cent in 2025.The Authority employed 102 people during the year, unchanged from the number recorded in 2024.Core revenue declinesDespite the strong overall financial performance, the Authority’s internally generated funds declined by 4.55 per cent, from GH¢187.50 million in 2024 to GH¢178.97 million in 2025.Internally generated funds consequently accounted for 47.08 per cent of total income, down from 97.78 per cent in the previous year.The report said the decline indicated that the Authority’s core revenue performance weakened during the period, notwithstanding the strong growth in total income and surplus.This was because a significant proportion of the 2025 income came from the one-off fair-value gain on investment property.Capital investments reduce cash holdingsCash and cash equivalents declined by 87.27 per cent, from GH¢502.29 million in 2024 to GH¢63.97 million in 2025.The fall was largely attributed to substantial expenditure on capital projects under construction.Net cash used for investing activities stood at GH¢489.87 million, compared with GH¢10.86 million in 2024.Meanwhile, net cash generated from operating activities declined from GH¢66.73 million to GH¢46.42 million.The Authority’s operating cash flow-to-revenue ratio subsequently fell from 34.8 per cent to 12.21 per cent.Although the indicators moderated, the report said GSA continued to demonstrate strong liquidity and cash-generating capacity.Authority advances digital and environmental measuresAs part of its climate-conscious initiatives, the Ghana Shippers’ Authority participated in the annual Green Ghana project.It also introduced measures to ensure that air conditioners, laptops and other electrical equipment were switched off at the close of work to reduce energy consumption.The Authority continued efforts to reduce paper use by sharing documents through its corporate email system.It also digitised several paper-based administrative processes, including the introduction of electronic memorandum and leave-management systems.Among the major events organised during the year were the seventh Ghana Shippers Awards on November 28, 2025, and the 15th Maritime Law Seminar for judges of the Superior Courts of Judicature on October 31, 2025.Established in 1974, the Ghana Shippers’ Authority is mandated to protect and promote the interests of shippers and regulate commercial activities involving the shipment, storage and delivery of international trade cargo by sea, air and land.