The Africa Policy Lens (APL) says the much-publicised GH¢30 million dividend by the Ghana Airports Company Limited (GACL) to Government is manufactured and does not reflect operational performance.

In a statement issued by its Research Directorate, APL said it had examined GACL's 2025 Audited Accounts as presented at its 11th Annual General Meeting and concluded that the dividend is being misrepresented as evidence of a turnaround.

"While the Ghana Airports Company Limited and the government seek to present this as evidence of a dramatic turnaround, the GACL report itself exposes serious underlying weaknesses," the statement said.

APL listed four findings to back its claim.

First, it said GACL's core business is shrinking. According to APL, core operating revenue fell by 9.15% from GH¢2.02 billion in 2024 to GH¢1.83 billion in 2025.

Second, it argued that profit was propped by non-cash revaluation. APL said the declared profit of GH¢354.6 million was significantly supported by GH¢578 million in Other Operating Gains, largely revaluation gains, which it described as accounting entries and not cash from passenger traffic.

Third, APL pointed to loss-making regional airports. It cited the Managing Director of GACL, Mrs. Yvonne Nana Afriyie Opare, as being emphatic that domestic business operations and all regional airports are not yet profitable.

"In effect, Kotoka International Airport continues to subsidise Kumasi, Tamale, Sunyani, Wa and Takoradi," APL added.

Fourth, APL said the dividend was only possible because of a debt holiday, adding that what aided the dividend was the restructuring of GACL's syndicated loan with an eight-year extension and a one-year moratorium on principal repayment, which provided temporary liquidity relief.

"A dividend that 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, should not be celebrated as efficiency or profitability," APL said.

The think tank has 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. It also called on Parliament to investigate the matter.

"Ghanaians deserve airports that are operationally viable with less levies, not dividends that are manufactured through accounting and debt restructuring," said the statement.

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APL says GACL GH¢30m dividend is not real profit

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