The 2025 State Ownership Report lists the National Theatre of Ghana as an Other State Entity (OSE) under the State Interests and Governance Authority (SIGA), outlining its mandate to promote Ghanaian culture while balancing its public responsibilities with the need for financial sustainability.

The National Theatre was established under the National Theatre Law, 1991 (PNDC Law 259).

Its core mandate is to promote and develop Ghanaian culture through the performing arts.

The institution also serves as a multi-functional venue for a wide range of activities, including concerts, dance performances, drama, musicals, conferences, exhibitions and other cultural and public events.

This makes the National Theatre more than a traditional performance venue.

It serves as a major piece of infrastructure for Ghana’s cultural and creative sector, providing a professional space for performers, artists, cultural organisations and event organisers.

However, the institution’s dual responsibility creates a significant challenge.

While it is expected to preserve and promote Ghanaian culture, it must also generate sufficient revenue to support its operations, maintain its facilities and improve its financial sustainability.

Financial information contained in the 2025 State Ownership Report covers the institution’s income, expenditure, assets, liabilities and other performance indicators between 2022 and 2025.

The report also highlights activities undertaken by the National Theatre as part of its cultural mandate.

These include the observance and celebration of internationally recognised cultural events such as World Poetry Day, International Dance Day, International Music Day and World Theatre Day.

The institution also undertakes quasi-fiscal activities, reflecting its wider public-service responsibilities beyond purely commercial operations.

The report further highlights climate-smart investment as part of the institution’s planning and development considerations.

The inclusion of climate-conscious investment is significant for a large public facility such as the National Theatre, which requires continuous investment in infrastructure, equipment and building maintenance.

The report also includes a gender-distribution indicator as part of the wider assessment of the institution.

This demonstrates that the State Ownership Report assesses not only the financial performance of state entities but also areas such as governance, human resources and institutional development.

The National Theatre’s importance extends beyond its financial statements.

As one of Ghana’s major cultural institutions, it provides a platform for artistic expression and supports activities across the performing arts and wider creative economy.

Its ability to improve revenue generation and control expenditure could strengthen its capacity to maintain its facilities and host more cultural programmes and events.

However, the pressure to become financially sustainable must also be balanced against its statutory responsibility to promote Ghanaian culture.

An excessive focus on commercial activities could create tension with the institution’s broader public mandate.

The key challenge for the National Theatre, therefore, is to achieve financial sustainability without compromising its role as a national centre for culture, artistic expression and the development of Ghana’s creative sector.

The 2025 State Ownership Report places that balancing act into focus as the institution seeks to remain financially viable while safeguarding its responsibility to Ghana’s cultural development.

The 2025 State Ownership Report lists the National Theatre of Ghana as an Other State Entity (OSE) under the State Interests and Governance Authority (SIGA), while highlighting its financial performance, revenue, expenditure, efficiency and short-term solvency.

The National Theatre operates under the National Theatre Law, 1991 (PNDC Law 259), with the responsibility of promoting and developing Ghanaian culture through the performing arts while providing a platform for artistic expression and hosting a wide range of public and commercial activities.

Financial information contained in the report covers the National Theatre’s performance over the period from 2022 to 2025, including its assets, liabilities, income, expenditure and other key financial indicators.

The report’s Income and Expenditure analysis tracks movements in the institution’s revenue and operational costs over the reporting period.

Revenue generated by the theatre comes from its cultural and commercial activities, while expenditure includes the cost of operating, maintaining and managing the national cultural facility.

A Revenue versus Cost analysis also examines the relationship between the income generated by the institution and the cost of sustaining its operations.

The report further assesses the National Theatre’s financial efficiency and short-term solvency, highlighting the importance of sound financial management and expenditure control in ensuring the institution remains capable of meeting its obligations.

The report also examines the theatre’s capital structure and long-term financing, as well as its debt and contingent liabilities.

The National Theatre’s financial position includes total assets, current and non-current assets, equity, current and non-current liabilities, as well as total liabilities and total equity and liabilities.

The debt and contingent liabilities section provides an indication of the institution’s financial obligations and potential exposure.

The report suggests that the financial sustainability of the National Theatre cannot be assessed solely based on the revenue it generates. Its ability to manage expenditure, meet short-term obligations, maintain sufficient assets and effectively manage its liabilities also remains important.

Key Performance Indicators contained in the report assess areas including financial performance, assets, financing, revenue and costs.

The indicators provide a broader assessment of whether the institution is meeting the expectations placed on it as a state-owned entity.

The financial situation of the National Theatre also raises broader questions about how state cultural institutions can improve their commercial performance without losing sight of their public responsibilities.

Unlike purely commercial facilities, the National Theatre is expected to serve Ghana’s cultural and creative sector by providing infrastructure and opportunities for performers, artists and cultural organisations.

The challenge, therefore, remains how the institution can strengthen its revenue base and improve financial efficiency while continuing to fulfil its statutory responsibility of promoting Ghanaian culture through the performing arts.

A year after companies rushed to move production out of China in an effort to avoid steep U.S. tariffs, some businesses are now reversing course as the challenges and costs of operating in alternative manufacturing hubs become increasingly clear.

The trend highlights the difficulty of replacing China’s deeply established manufacturing ecosystem, which combines large supplier networks, skilled workers, specialized equipment, logistics infrastructure and relatively reliable access to electricity.

One example is Dawang Metals, a Chinese metal-casting company whose U.S. customer moved some orders to India last year. According to the company, the customer has since returned with new orders after encountering difficulties with production in India.

China’s manufacturing network remains difficult to replicate

The push to reduce dependence on China accelerated after U.S. tariffs prompted companies to explore countries such as Vietnam, India, Indonesia and Thailand.

The strategy, often described as “China plus one,” involved maintaining Chinese operations while establishing additional production capacity elsewhere.

But for some manufacturers, the move has proved more complicated than expected.

Businesses have reported difficulties finding the right machinery, sourcing components locally and building reliable supplier networks. In some cases, companies operating outside China still depend heavily on Chinese-made equipment and parts.

Jin Chaofeng, an outdoor furniture exporter based in Hangzhou, said he closed a workshop in Vietnam that had opened in 2024 and shifted production back to China after finding that the overall cost difference was smaller than expected.

Tariff differences have also narrowed

Another factor changing corporate calculations is the changing gap between U.S. tariffs on Chinese goods and those imposed on alternative manufacturing locations.

China previously faced significantly higher U.S. tariffs, prompting companies to search aggressively for other production bases. But as Washington expanded tariffs to a wider range of countries, the advantage of moving production to some Southeast Asian locations became less pronounced.

Earlier this year, reports also highlighted cases in which companies reconsidered investments in Thailand and other Southeast Asian countries after U.S. tariffs on Chinese imports fell substantially from their earlier peak.

Some companies are keeping their alternatives

The shift does not mean businesses are abandoning supply-chain diversification.

Vietnam, Indonesia, Thailand and India continue to attract manufacturing investment as companies seek protection against future tariff changes and geopolitical disruptions.

Some businesses are therefore maintaining factories outside China while returning part of their production to Chinese suppliers.

For example, one exporter cited by Reuters said it continues to keep part of its capacity in Vietnam as a hedge and could expand there again if U.S. tariffs on Chinese goods rise sharply.

Businesses remain cautious

Despite the recent reversals, companies are not assuming that the current tariff environment will last.

The possibility of future changes in U.S. trade policy means manufacturers are increasingly focused on flexibility rather than committing completely to one country.

The emerging picture is therefore less about a mass return to China and more about companies reassessing where production makes the most economic sense.

For many manufacturers, China’s combination of suppliers, skilled labour, infrastructure and production scale remains difficult to reproduce elsewhere. At the same time, companies continue to build alternative capacity to protect themselves against another sudden change in tariffs or global trade conditions.

The result is a more complicated global manufacturing landscape: companies that once rushed away from China are now discovering that leaving may be easier than replacing what they left behind.

The Minority in Parliament has raised concerns over the government’s implementation of the 24-Hour Economy Market Programme, particularly the decision to demolish some existing markets and public facilities to make way for new projects.

Speaking to the media in Parliament, the Ranking Member of the Local Government Committee and Bantama MP, Francis Asenso-Boakye, called on the government to undertake further consultations and needs assessments before proceeding with the demolition of existing market structures.

According to him, the Minority is not opposed to the construction or modernisation of markets, but believes the government’s approach must be based on the actual needs and development priorities of individual communities.

‘We need proper consultation’

Asenso-Boakye argued that different districts have different development needs and therefore should not be subjected to a uniform market-development model.

He said while some communities may genuinely require new markets, others may need their existing markets rehabilitated, expanded or upgraded.

“Development, especially a market development programme, cannot be one-size-fits-all,” he argued.

The former minister questioned whether adequate needs assessments, feasibility studies and local development plans had been conducted before the projects were rolled out.

Minority questions demolition of existing facilities

The Bantama MP also questioned the rationale behind demolishing existing markets and other public facilities when alternative approaches could potentially achieve the same objective without disrupting traders and communities.

He maintained that government must properly investigate the condition and capacity of existing facilities before deciding to demolish them.

The Minority’s position comes amid growing attention to the government’s 24-hour economy initiative and the construction of markets intended to support economic activity beyond traditional trading hours.

‘Not every district needs a new market’

According to Asenso-Boakye, some districts already have markets under construction, while others may have more urgent needs such as roads, drainage systems, schools, healthcare facilities and sanitation.

He therefore urged the government to engage District Assemblies and other local stakeholders before making decisions on where and how the markets should be developed.

He stressed that District Assemblies are planning authorities within their jurisdictions and should have a meaningful role in determining projects that affect their communities.

Minority calls for review

The Minority is consequently calling for a review of aspects of the 24-Hour Economy Market Programme that involve the demolition of existing structures.

Asenso-Boakye said the government must demonstrate that the projects are supported by proper planning and evidence of need rather than being implemented as a blanket national policy.

He further warned that failure to adequately consult local authorities and affected communities could undermine the principles of decentralisation.

The Minority’s concerns are likely to intensify the debate over how the government’s flagship 24-hour economy policy should be implemented, particularly where existing public assets, traders and local communities are directly affected.

For the Minority, the objective of modernising Ghana’s markets is not in dispute — the concern is whether the government is demolishing first and planning later, rather than allowing proper consultation and evidence-based planning to guide the process.

The Ghana Tourism Authority’s (GTA) cash position weakened significantly in 2025, with its cash and cash equivalents falling by more than half despite an improvement in its current ratio.

According to the 2025 State Ownership Report, GTA’s cash and cash equivalents dropped from GH¢1.30 million in 2024 to GH¢640,000 in 2025, representing a 50.77% decline.

The Authority’s operating cash flow also deteriorated during the year, moving from a positive GH¢3.84 million in 2024 to negative GH¢60,000 in 2025.

The figures point to increasing short-term liquidity pressure despite an apparently stronger current ratio.

The GTA’s current ratio improved from 1.18:1 in 2024 to 1.50:1 in 2025.

While the increase suggests an improved capacity to meet short-term obligations, the report noted that the picture is less favorable when cash holdings and operating cash flow are considered.

Net cash generated from operating activities fell from GH¢3.84 million to negative GH¢0.06 million.

Net cash flow from investing activities stood at negative GH¢0.56 million, compared with negative GH¢1.82 million in 2024.

Financing activities also recorded a negative cash flow of approximately GH¢0.03 million.

The Authority’s overall asset position also weakened.

Total assets declined by 10.84%, from GH¢15.78 million in 2024 to GH¢14.07 million in 2025.

Non-current assets fell from GH¢10.45 million to GH¢8.33 million, while total equity declined from GH¢10.19 million to GH¢9.19 million.

The report said the reduction in accumulated funds points to an erosion of the Authority’s financial strength.

Despite the pressure on its cash and assets, the GTA remains relatively lightly leveraged.

Its debt-to-asset ratio improved marginally from 0.36 times to 0.35 times, while total liabilities declined from GH¢5.60 million to GH¢4.87 million.

Trade payables stood at approximately GH¢3.82 million.

The report, however, warned that the Authority’s longer-term stability is being weakened by continuous deficits, declining accumulated funds, a shrinking asset base and the absence of internally generated revenue.