In a decisive address to Chief Executive Officers (CEOs) of Specified State-Owned Enterprises (SOEs), His Excellency President John Dramani Mahama reaffirmed his commitment to restructuring Ghana’s state entities for efficiency, accountability, and profitability.

Speaking at the high-level meeting, President Mahama made it clear that his administration would no longer tolerate mismanagement, waste, and financial recklessness in state enterprises.

“This meeting reaffirms my commitment to the promise of a shake-up of all loss-making SOEs and realigning them to break even. The 120-day social contract with the good people of Ghana was not mere rhetoric.”
H.E President John Dramani Mahama

He pointed to the 2023 State Ownership Report produced by the State Interests and Governance Authority (SIGA), which revealed inefficiencies plaguing several SOEs. According to the President, these inefficiencies demand decisive action.

President Mahama expressed strong concerns about the operational inefficiencies of many SOEs, which have become burdened by wasteful expenditures, underperformance, and conflicts of interest.

”Many of our SOEs have become mere instruments for generating personal wealth for persons appointed to boards of these enterprises.’’
H.E President John Dramani Mahama

He further noted that certain enterprises had become perennial loss-makers, draining public funds through bloated budgets, unjustified allowances, and unnecessary expenditures.

“While relying on government bailouts as if they were entitled to them, many of your entities are at their lowest point in the entire history of the Fourth Republic.’’
“The era of impunity, mediocrity, and financial recklessness must end today. It’s not going to be business as usual.”
H.E President John Dramani Mahama

Resetting the SOEs: A New Vision for Reform

President Mahama underscored his administration’s determination to reset the state-owned enterprises.

“My administration’s first 120 days have set the foundation for a new era of governance, anchored on efficiency, integrity, and tangible results.”
H.E President John Dramani Mahama

As part of his strategy, the President outlined key policy measures, including Strict Performance Monitoring – SOE heads will be required to meet performance targets and will be held accountable for their financial results.

Asset Declaration Enforcement – All public officials, including SOE executives, will be mandated to declare their assets before assuming office and upon leaving office.

Empowering SIGA – The State Interests and Governance Authority (SIGA) will transition from a passive observer to an enforcer of national interest.

“SIGA will act as a command center and be equipped with executive authority to negotiate and enforce performance contracts, conduct regular financial assessments, issue binding directives, and intervene in underperforming entities.”
H.E President John Dramani Mahama

Zero Tolerance for Loss-Making SOEs

President Mahama made it clear that loss-making state enterprises would no longer be tolerated.

Furthermore, he assured that corruption, procurement fraud, and financial mismanagement would be prosecuted, and boards that rubber-stamp poor decisions would be dissolved.

The President emphasized the strategic role of SOEs in key sectors such as energy, transportation, manufacturing, agriculture, and finance. He cited state entities such as the Electricity Company of Ghana (ECG), Ghana Grid Company (GRIDCo), Ghana Water Company, Ghana Cocoa Board, and Metro Mass Transit as critical players in Ghana’s industrialization agenda and the 24-hour economy initiative.

He also mentioned key government initiatives, such as the Adwumawura National Apprenticeship Program and the One Million Coders Program, which have been funded in the administration’s first budget to expand employment opportunities for the youth.

Holding SOE Leaders Accountable

Addressing the CEOs directly, President Mahama reminded them that they were appointed based on merit and that they had a duty to operate SOEs as competitive businesses, not political offices.

He outlined key expectations for SOE leaders, including; Running SOEs as profit-driven businesses – Eliminating over-reliance on government bailouts.

Conducting operational audits – Cutting waste and improving transparency.

Public financial reporting – Ensuring transparency and accountability.

Innovating new revenue streams – Boosting productivity through research and development.

“Your entity cannot be making losses while you demand salary increases. As the finance minister told you, this is non-negotiable.”
H.E President John Dramani Mahama

To ensure compliance, SIGA will submit annual reports detailing entities that fail to meet the deadline for audited financial statements.

“Failure to deliver results in any area will not be excused. If you are not prepared to be part of the reset, now is the time to walk out.”
H.E President John Dramani Mahama

President Mahama stressed the importance of public-private partnerships (PPPs) in revitalizing SOEs. He asserted that Ghana’s economic transformation depends on the efficiency of state entities and that collaboration with the private sector could provide specialized expertise to improve operations.

Concluding his speech, President Mahama called for a national rebirth in the governance of SOEs, urging all stakeholders to embrace a culture of discipline, calculated risk-taking, and a commitment to excellence.

“Under the guidance of God Almighty and working hand in hand with the people of Ghana, we will build the Ghana we all want. I am committed to leading this transformation, and I call on each of you to join me.”
H.E President John Dramani Mahama

With these strong declarations, President Mahama made it clear that under his leadership, Ghana’s state-owned enterprises would be reset for efficiency, accountability, and national development.