Ghana Airports Company Limited declares GH₵30m dividend to government

The Ghana Airports Company Limited (GACL) has announced a GH₵30 million dividend payment to the government, representing the first time the state-owned entity has paid a dividend since it was established in 2007. Managing Director Yvonne Afriyie Opare announced the figure at the company’s 11th Annual General Meeting, where she reported growth in passenger traffic, aircraft movements, and cargo volumes for the financial year ending 31 December 2025. The dividend comes despite GACL facing ongoing liquidity pressures. Management indicated that the company is currently working to restructure a syndicated loan to ease financial burdens and improve cash flow. Mrs. Opare highlighted that while GACL remains responsible for the upkeep of domestic and regional airports, which are often less profitable than Kotoka International Airport (KIA), the company is committed to maintaining Ghana’s aviation infrastructure. The Africa Policy Lens (APL), however, has challenged the validity of the dividend, describing it as "misleading" and "manufactured." Following a review of the 2025 audited accounts, the group claimed that GACL’s core operating revenue actually shrank by 9.15%, falling from GH₵2.02 billion in 2024 to GH₵1.83 billion in 2025. APL argued that the reported profit of GH₵354.6 million was primarily driven by GH₵578 million in non-cash revaluation gains, rather than operational efficiency. Furthermore, the policy group asserted that the liquidity required to pay the dividend was only made available through a restructuring of loan obligations, which they characterized as a "debt holiday" rather than a sign of genuine financial health. APL noted that domestic operations remain unprofitable and continue to be subsidized by KIA. They expressed concern that celebrating the dividend as a sign of success masks deep-seated financial weaknesses within the company. APL has called for a parliamentary investigation into the operations and financial reporting of GACL. The group is also urging the company to disclose its full audited statements to the public to ensure transparency. As GACL moves forward with its infrastructure and debt management plans, the debate continues over whether the state entity has truly turned a corner or is relying on accounting strategies to present a favorable financial picture.