Accra-listed Mega African Capital lost GH¢29 million in 2025 as interest costs swallowed its income, even as Ghana’s stock market posted its strongest year since 2004.
The investment firm’s audited accounts show GH¢29.8 million in finance costs against GH¢1.95 million in revenue. The net loss narrowed from GH¢33.7 million in 2024, but it is still worth about US$2.6 million at current exchange rates. Shareholders will get no dividend for a second year.
The result matters for the firm’s investors and its depositors. The balance sheet carries GH¢173.2 million in tenured deposits. Of that, GH¢141.8 million is interest payable and GH¢31.4 million is client principal. Accrued interest is now about four and a half times the principal owed to clients.
The company has been selling assets to meet those obligations. It raised GH¢77.8 million in 2025 from investing activities, cutting commercial paper holdings, equity investments and property. Over the same period it paid out GH¢51.9 million on deposits. Year-end cash stood at GH¢326,282. The chairman’s statement says the firm was “unable to take gigantic opportunities due to inability to liquidate some assets.”
Paper gains had kept the 2024 books positive. That year, a GH¢49.6 million rise in the value of the firm’s investments turned the net loss into GH¢15.9 million of total comprehensive income. In 2025 that revaluation shrank to GH¢3.6 million. Unrealised gains of GH¢170.8 million were largely wiped out by GH¢146.1 million in unrealised losses and a GH¢21.2 million exchange loss as the cedi strengthened. Total comprehensive income swung to a loss of GH¢25.4 million.
The chairman’s statement blames the downturn partly on lower rental income from a weak property market. The notes to the accounts show the opposite: rental income rose to GH¢530,229 from GH¢181,261. Dividend income drove most of the revenue gain, climbing to GH¢1.42 million from GH¢138,819.
Shareholders’ funds fell to GH¢87.5 million from GH¢112.9 million. A GH¢145.8 million revaluation reserve now carries the equity, offsetting accumulated losses of GH¢80.7 million. Almost all of the GH¢80.1 million equity portfolio sits in securities that do not trade in active markets, so those values rest on the company’s own valuation methods rather than market prices.
The market prices the company well below that book value. Mega African Capital shares closed at GH¢5.20 on 18 September, which values the company at GH¢51.7 million. Book value works out to roughly GH¢8.79 per share on the 9.95 million shares in issue, by NewsGhana’s calculation. Trading is thin: about 23,000 shares changed hands in the three months to mid-September.
Auditor IAKO Consult issued an unmodified opinion and did not flag any material uncertainty over the firm’s ability to continue operating. The directors say the company has enough resources to continue for the foreseeable future and describe its financial position as sound.
The board has also changed. Chairperson Christine Dowuona-Hammond resigned on 1 September 2025, and the governance statement now names non-executive director Eugene Addison as chairman. Addison is up for re-election at the company’s annual general meeting, which will be held virtually on 30 September.
