The Africa Policy Lens (APL) has criticized the Ghana Airports Company Limited (GACL) for declaring a GH¢30 million dividend to the government, describing it as manufactured and misleading. According to APL, the dividend does not reflect the company's operational performance. The think tank made these claims after examining GACL's 2025 Audited Accounts presented at its 11th Annual General Meeting.
APL's Research Directorate stated that GACL's core business is shrinking, with core operating revenue falling by 9.15% from GH¢2.02 billion in 2024 to GH¢1.83 billion in 2025. The think tank also argued that the declared profit of GH¢354.6 million was significantly supported by GH¢578 million in Other Operating Gains, largely revaluation gains, which APL described as accounting entries and not cash from passenger traffic.
Furthermore, APL pointed to loss-making regional airports, citing the Managing Director of GACL, Mrs. Yvonne Nana Afriyie Opare, as stating that domestic business operations and all regional airports are not yet profitable. APL added that Kotoka International Airport continues to subsidize Kumasi, Tamale, Sunyani, Wa, and Takoradi. The think tank also noted that the dividend was only possible because of a debt holiday, which provided temporary liquidity relief.
APL listed four findings to back its claim, including the fact that GACL's dividend represents less than 10% of declared profit, paid after 18 years of no dividend, and enabled by a debt repayment holiday and non-cash revaluation. The think tank called on GACL and the Ministry of Transport to publish the full audited statements, disclose the cash-backed portion of the profit, and explain why domestic operations remain loss-making after years of investment.
The think tank also called on Parliament to investigate the matter, stating that Ghanaians deserve airports that are operationally viable with less levies, not dividends that are manufactured through accounting and debt restructuring. APL's statement comes after GACL announced its first-ever dividend to the government since 2007, with passenger arrivals at the airport improving by 23% in the first 7 months of 2026.
The controversy surrounding GACL's dividend declaration has sparked debate, with some questioning the company's financial performance. In response, APL has urged stakeholders to scrutinize the company's financial statements and assess its true financial health. The think tank's claims have also raised concerns about the role of the government in the company's operations.
As the debate continues, GACL's Managing Director, Mrs. Yvonne Nana Afriyie Opare, and the Ministry of Transport have yet to respond to APL's claims. The issue has sparked a national conversation about the financial management of Ghana's airports and the need for transparency in the sector.
Key points
- Africa Policy Lens criticizes Ghana Airports Company's GH¢30m dividend as manufactured and misleading
- GACL's core business is shrinking, with a 9.15% decline in core operating revenue
- The dividend was enabled by a debt repayment holiday and non-cash revaluation gains
