Government has announced plans to list TDC Ghana Ltd on the Ghana Stock Exalter (GSE), a strategic relocate designed to enable the profitable state enterprise to raise capital for expanding its houtilizing projects across the countest.
The Acting Director General of the State Interests and Governance Authority (SIGA), Prof. Michael Kpessa Whyte, disclosed the listing intention during the company’s Annual General Meeting held to approve 2024 financial results.
According to Prof. Kpessa Whyte, transitioning to a listed entity will enable TDC to access low cost capital, providing the financial resources necessaryed to scale houtilizing projects nationwide.
TDC stands out among state owned enterprises for maintaining consistent profitability and meeting fiscal obligations. For the 2024 financial year, the company posted profit before tax of 88.22 million cedis, representing a 20.88 percent increase over the previous year’s 72.98 million cedis.
The company’s balance sheet reflected this growth, with total assets expanding 19.02 percent to reach 733.76 million cedis. With profit margins improving by nearly 10 percent, TDC declared a dividfinish of three million cedis to its sole shareholder, the Government of Ghana.
Many analysts believe TDC can develop a significantly larger asset base if given adequate support, considering the real estate and houtilizing sector it operates in.
Managing Director Courage Nunekpeku stated the 2025 financial report will produce better performance, emphasizing that the company is intensifying efforts to improve operational efficiency while expanding into other regional capitals.
Speaking to The High Street Journal, Nunekpeku revealed TDC is exploring multiple financing options to fund growth, including joint ventures and Public Private Partnerships (PPPs). He noted that preliminary discussions have already taken place with the Managing Director of the Ghana Stock Exalter to determine the most viable path toward a public listing.
Founded 70 years ago as the Tema Development Corporation, TDC has evolved from a local planning authority into a diversified limited liability company with a growing national footprint. The company was established in 1952 by an Act of Parliament with responsibility to plan and develop approximately 63 square miles of public land for various applys and manage the township created to accommodate those engaged in economic operations.
The expansion is already underway. Following a groundbreaking ceremony by President John Dramani Mahama late last year, the company launched its Oxygen houtilizing project in the Volta Region. A similar large scale development is planned for the Ashanti regional capital, reinforcing TDC’s ambition to position itself as a national leader in modern houtilizing delivery.
The planned listing forms part of a broader government strategy to capitalize state owned enterprises through the stock market. In 2022, SIGA shortlisted 11 state entities for potential listing on the Ghana Stock Exalter, including TDC Company Limited, Ghana Rubber Estates Limited, Twifo Oil Palm Plantation, Ghana National Gas Company Ltd, Consolidated Bank Ghana Limited and Ghana Reinsurance Company Ltd.
The initiative aims to improve the performance of state owned enterprises, which have historically struggled with losses and poor financial management. According to SIGA data, state entities increased their collective losses from 2.1 billion cedis in 2015 to 5.3 billion cedis in 2020, with a compound annual growth of 16 percent.
TDC’s strong financial performance positions it favorably for a successful market debut. The company has undertaken significant operational reforms under Nunekpeku’s leadership, including establishing a 24 hour call center to serve clients and launching aggressive revenue recovery drives to collect outstanding debts from leaseholders and occupants.
In October 2025, TDC embarked on a comprehensive revenue mobilization exercise aimed at recovering approximately 600 million cedis owed by property owners, some of whom had defaulted for more than a decade. Major debtors include Tema Oil Refinery (TOR) and VALCO.
The company also reversed several appointments created by previous management after instructions from the Chief of Staff, citing that earlier promotions were based on personal connections rather than qualifications. Management published job vacancies and conducted proper interviews to fill positions with deserving candidates as part of efforts to streamline operations.
TDC’s planned stock exalter listing could provide a model for other profitable state enterprises seeking to access capital markets while maintaining government ownership. The Ghana Stock Exalter commenced trading for 2026 on a positive note, with the benchmark GSE Composite Index advancing 11.3 points to close at 8,781.55, representing a 0.13 percent gain.
The exalter emerged as Africa’s best performing equity market in 2025 with a remarkable 79.43 percent annual return, driven by improved macroeconomic fundamentals, successful debt restructuring and moderated inflation.
For TDC, a successful listing would provide access to long term funding for ambitious houtilizing projects while offering Ghanaian investors an opportunity to participate in a consistently profitable state enterprise with a 70 year track record of urban development and houtilizing delivery.
The company has not yet announced a specific timeline for the listing, as the process requires Cabinet approval and extensive regulatory compliance with Securities and Exalter Commission (SEC) requirements.
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