The Ghana Airports Company Limited (GACL) has earmarked GH¢30 million for payment to the Government of Ghana, representing the company’s first dividend since its establishment in 2007.
The planned payout marks a significant development in the company’s financial relationship with its sole shareholder, despite continuing liquidity pressures linked to infrastructure investments and the operation of unprofitable regional airports.
The Managing Director of GACL, Yvonne Afriyie Opare, disclosed this at the company’s 11th Annual General Meeting, where she presented its operational and financial performance for the year ended December 31, 2025.
According to Mrs Opare, the company has made provisions for the payment to the government, which holds 100 per cent ownership of GACL.
“GACL has earmarked an amount of 30 million Ghana cedis to pay to a hundred percent shareholder, the Government of Ghana, for the first time since the establishment of the company in 2007,” she said.
The planned dividend comes as GACL continues to shoulder substantial financial responsibilities under its mandate to develop, maintain and manage airport infrastructure nationwide.
Apart from Kotoka International Airport, the company invests in regional facilities in Kumasi, Tamale, Sunyani and Ho. However, these airports have yet to generate enough revenue to meet their operating costs.
Mrs Opare said the company was financing a significant portion of the infrastructure investments and associated public services through internally generated resources, contributing to pressure on its liquidity.
“Domestic business operations and all other regional airports are not yet profitable,” she said.
This presents a financial balancing act for GACL as it seeks to fulfil its commercial obligations while supporting the government’s aviation infrastructure development priorities.
Aviation indicators improve in 2025
GACL’s financial commitments notwithstanding, the company recorded positive growth in passenger, aircraft and cargo traffic during the 2025 financial year.
Passenger numbers increased by six per cent, reaching 3.6 million from 3.4 million in 2024.
Aircraft movements grew by 2.2 per cent to 47,270, while cargo throughput rose by 4.8 per cent to 44,826 tonnes.
The improved traffic performance was accompanied by higher profitability, with the company’s profit rising to GH¢354.6 million in 2025 from approximately GH¢336 million in 2024.
Nevertheless, management faces continuing liquidity pressures, partly due to financing costs associated with major infrastructure projects, particularly the loan facility used to develop Terminal 3 at Kotoka International Airport.
Debt restructuring to ease financial pressure
To improve its financial flexibility, GACL obtained approval to restructure and refinance its syndicated loan.
The revised arrangement extends the loan repayment period by eight years and provides a one-year moratorium on principal repayments.
The move is expected to ease immediate repayment pressures and strengthen the company’s ability to manage cash flows while meeting its infrastructure investment obligations.
Against this background, the GH¢30 million dividend represents a significant financial milestone for GACL, demonstrating its capacity to make returns to the state while continuing to invest in the country’s aviation sector.
