Professor Michael Kpessa-Whyte, the Acting Director-General of the State Interests and Governance Authority (SIGA), has reiterated the need for a paradigm shift in Ghana’s management of State-Owned Enterprises (SOEs).
Speaking at an engagement between President John Dramani Mahama and CEOs of selected SOEs, Professor Kpessa-Whyte emphasized that SIGA’s relationship with these entities should be based on a horizontal partnership rather than a vertical hierarchy.
“At SIGA, we firmly believe that our relationship with SOEs must be horizontal, not vertical. A partnership based on mutual respect, shared responsibility, and a common goal of improving performance.
“We are not here to dictate to you but to collaborate. However, we would demand that which is enshrined in the act of SIGA from all entities”.
Professor Michael Kpessa-Whyte, Acting Director-General of SIGA
His remarks underscored the importance of fostering mutual respect and shared responsibility in the oversight and management of SOEs.
He further stressed that the success of these enterprises hinges on sound corporate governance principles, transparency, and ethical leadership.
Professor Kpessa-Whyte identified corporate governance as the bedrock of high-performing enterprises, whether in the public or private sector.
He warned that weak governance structures breed inefficiencies, leading to stagnation and financial losses.
“As stewards of national assets, we must adhere to the highest standards of transparency, accountability, and ethical leadership. Weak governance structures lead to inefficiency. and operational inefficiency. It requires us to rethink our strategies, optimize resource utilization, and foster a culture of excellence”.
Professor Michael Kpessa-Whyte, Acting Director-General of SIGA
His call to action was clear: Ghana’s SOEs must adopt best practices in corporate governance, ensure proper checks and balances, and create an environment that promotes ethical decision-making.
Failure to do so, he cautioned, would only deepen existing inefficiencies and weaken the economic contributions of these enterprises.
Innovation and Adaptability: Keys to SOE Growth
Professor Kpessa-Whyte stressed that innovation and adaptability are crucial in making SOEs competitive and profitable.
He argued that the changing global landscape demands a shift in operational strategies to meet evolving market and societal needs.
“I dare say that a key to unlocking the potential of our SOEs in Ghana lies in their ability to adopt best practices, innovate, and adapt to changing markets and societal circumstances”.
Professor Michael Kpessa-Whyte, Acting Director-General of SIGA
His remarks come at a time when Ghana’s economy faces significant challenges, including rising debt, inflationary pressures, and a need for enhanced productivity within the public sector.
He urged SOE leaders to embrace technology, modern business models, and strategic decision-making to drive efficiency.
The Need for Decisive Action
According to the SIGA Acting Director-General, Ghana’s current economic climate demands more than just incremental changes—it requires bold and transformative reforms.
He called on SOE leaders to take decisive steps towards making their entities more efficient and profitable.
“We are at a turning point where incremental change will not suffice. What we need is bold, decisive action and a collective commitment to make our SOEs models of efficiency and profitability for the 2026 financial year, which will be signed in December this year”.
Professor Michael Kpessa-Whyte, Acting Director-General of SIGA
This statement reflects the urgency with which SIGA is pushing for reforms, emphasizing the need for accountability and a results-driven approach.
Professor Kpessa-Whyte also highlighted that strategic restructuring, performance monitoring, and aligning SOE objectives with national development goals are essential to achieving long-term sustainability.
Professor Kpessa-Whyte expressed gratitude to President Mahama for his unwavering commitment to SOE reforms.
He acknowledged the President’s leadership and vision as key motivators for SIGA’s push towards excellence.
“Mister President, I wish to extend our deepest gratitude for your unwavering commitment to reforming Ghana’s SOEs. Your leadership and vision have inspired us to strive for excellence, and we are honored that you are here with us today”.
Professor Michael Kpessa-Whyte, Acting Director-General of SIGA
He further expressed optimism about the outcomes of the engagement, stating that he looked forward to insightful discussions and actionable recommendations that would shape the future of Ghana’s SOEs.
Professor Kpessa-Whyte’s remarks at the engagement with President Mahama and SOE CEOs serve as a clarion call for radical improvements in Ghana’s state-owned enterprises.
His emphasis on corporate governance, innovation, and bold decision-making highlights the urgency of ensuring that these enterprises contribute significantly to national development.
As Ghana navigates economic challenges, SIGA’s renewed commitment to fostering efficiency and profitability within SOEs will be critical in shaping the nation’s economic future.
The collaboration between government leadership and SOE executives will determine whether these reforms yield the desired results, making Ghana’s SOEs competitive on both local and international fronts.
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