GACL Earmarks First-Ever GH¢30m Government Dividend Since 2007 Inception

The Ghana Airports Company Limited (GACL) has approved a dividend payment of GH¢30 million to the Government of Ghana for the first time. The announcement, made on Monday, November 2, 2026 marks the first time the state-owned airport manager will pass on a dividend to their only shareholder after 19 years since the company was established. The move indicates a significant change within how the company accounts internally, and relates to the state.

The announcement was made by the Managing Director of GACL, Yvonne Afriyie Opare. Speaking to stakeholders and supervisors during the 11th Annual General Meeting of the company, Mrs Opare gave her presentation on the company's management reports. "We have reserved thirty million Ghana Cedis to pay to our hundred percent shareholder, the Government of Ghana for the first time since our establishment in 2007," she said.

This dividend announcement follows a positive increase in the bottom line of the state-owned company. Financial statements show that GACL increased its net profits to GH¢354.6 million in 2025. This is an increase from the approximately GH¢336 million recorded at the end of 2024.

The dividend payment is coming amid tight cashflow, and significant debt. The company is continuing to suffer pressure from debt, especially due to the large amounts of commercial debt incurred when building its new Terminal 3 (T3). Service to this large dollar loan is taking up significant amounts of cash from the company.

GACL also suffers from a unique position. Much of the profit the company makes is used to subsidise the unprofitable areas of civil aviation. The state-owned company manages Accra International Airport but is solely responsible for developing, upgrading and running other regional airports throughout the country. These include Kumasi, Tamale, Sunyani and Ho.

However, these airports do not make enough money to be self-sustainable. The company uses all of its profits made in Accra to cover these losses. Therefore, paying a dividend of GH¢30 million to the public is incredible.

The management team, led by Managing Director Yvonne Afriyie Opare and Board Chairman Paul Adom-Otchere have put in place some aggressive changes to ensure the state-owned company protects its assets. In May 2025, GACL won a huge court case. The Accra High Court ruled that GACL could fully take ownership of over 16 acres of land at the airport worth millions of dollars from the McDan Group of Companies. The case was brought about due to lease breaches and unpaid ground rents.

The state-owned company has also put in place some strict measures to ensure they do not get cut off from the national grid. Recently, GACL put in place a plan to pay the Electricity Company of Ghana (ECG) some immediate payments. They paid them GH¢10 million of the GH¢28 million debt they owed. The company has managed to stay on top of these local cashflows whilst protecting their income.

Economics and aviation experts have said that the dividend in 2026 fits in with wider efforts to hold state-owned companies accountable. Ghana's State-Owned Enterprises (SOEs) have previously been heavily criticised for running at a loss. However, recent State Ownership Reports published by the State Interests and Governance Authority (SIGA) show that targeted changes are being made to get the main commercial SOEs to become self-sustainable and pay taxes.

Looking into 2027, GACL will be monitored closely by the Ministry of Transport to ensure they continue to be financially strong. The state want the company to ensure they strike a balance between paying dividends and maintaining the infrastructure. One of the main areas they will be looking at is upgrading the runways to ensure Ghana remains the best, safest and most innovative airport in West Africa.