Ghana Digital Centres Limited (GDCL) has recorded its worst financial performance in five years, with its net loss nearly tripling to GH¢6.06 million in 2025 — up from GH¢2.20 million the previous year, according to the 2025 State Ownership Report published by the State Interests and Governance Authority (SIGA).
The GH¢3.86 million jump represents a deterioration of roughly 175 per cent within a single financial year. It is a significant blow for a state-owned enterprise that has now failed to record a profit for five consecutive years.
Revenue Collapse Drives the Numbers
SIGA attributed the widening loss primarily to a 24.41 per cent drop in total operating revenue, which fell from GH¢10.57 million in FY2024 to GH¢7.99 million in FY2025. The company's operating margin deteriorated sharply — from negative 6.5 per cent in 2024 to negative 59.4 per cent in 2025.
"The decline was primarily driven by a 24.41 per cent reduction in total revenue, which fell from GH¢10.57 million in FY2024 to GH¢7.99 million in FY2025, reflecting weaker operating performance during the period," SIGA stated in the report.
The picture gets worse when non-core income is factored in. GDCL's overall revenue — including non-core sources — plunged from GH¢33.68 million in 2024 to GH¢10.20 million in 2025. Non-core revenue alone collapsed by more than 90 per cent, falling from GH¢23.10 million to just GH¢2.21 million over the same period.
Cost Cuts Fell Short
GDCL's management did respond with cost-cutting measures. Administrative expenses were slashed by 55 per cent — from GH¢35.87 million in FY2024 down to GH¢16.25 million in FY2025. That is a meaningful reduction on paper.
But SIGA was clear: the savings were not enough.
"Management implemented substantial cost rationalisation measures, resulting in a 55 per cent reduction in administrative expenses from GH¢35.87 million in FY2024 to GH¢16.25 million in FY2025. However, these cost savings were insufficient to offset the sharp decline in revenue," the authority noted.
GDCL's EBITDA (earnings before interest, taxes, depreciation and amortisation) also worsened significantly — from a loss of GH¢1.58 million in 2024 to a loss of GH¢5.38 million in 2025.
Five Straight Years of Losses
The 2025 result extends a troubling streak. GDCL's net losses by year: GH¢390,000 in 2021, GH¢4.01 million in 2022, GH¢4.29 million in 2023, GH¢2.20 million in 2024, and now GH¢6.06 million in 2025. That is a cumulative loss of roughly GH¢16.95 million over the period — a mounting burden on a company whose total assets have also shrunk, from GH¢114.56 million in 2024 to GH¢109.05 million in 2025.
Total equity declined from GH¢113.26 million to GH¢107.20 million over the same period. SIGA warned that recurring operating losses are steadily eroding the company's retained earnings and pressing hard on shareholders' equity.
Sustainability Questions Loom
GDCL, a state-owned enterprise under Ghana's digital infrastructure umbrella, has a mandate tied closely to the country's broader technology development agenda. That makes its sustained financial deterioration a policy concern, not just an accounting problem.
SIGA's report underscored the urgency, noting that the erosion of earnings "highlights the need to restore sustainable profitability to preserve the company's long-term" viability. Whether GDCL's leadership can reverse a five-year trajectory — especially given the scale of revenue collapse in non-core income — remains the central question heading into FY2026.