President John Dramani Mahama has declared that the era of financial mismanagement and inefficiency among Ghana’s State-Owned Enterprises (SOEs) is over, issuing a sharp warning that unprofitable entities will no longer be tolerated.
Speaking at a meeting with CEOs of key organizations under the State Interest and Governance Authority (SIGA) on March 13, Mahama made it clear that SOEs failing to achieve profitability would face drastic measures, including mergers, privatizations, or closures. His remarks came after Finance Minister Cassiel Ato Forson highlighted the ongoing financial struggles of several SOEs, many of which have consistently failed to turn a profit.q1
“The time for mediocrity and financial recklessness has ended,” Mahama stated. “If you fail to meet the expectations set by our reset agenda, you will be expected to step aside. This is no longer a discussion—it’s a call to action.”
The president’s comments reflect his commitment to reforming Ghana’s state-owned sector, which has long been plagued by inefficiencies, waste, and financial instability. According to the 2023 State Ownership Report from SIGA, many SOEs have been underperforming, burdened by mismanagement, inflated expenses, and a lack of alignment with national interests.
Mr. Mahama criticized the executives and boards of these entities, accusing them of using SOEs as vehicles for personal enrichment rather than serving the public good. “Too many of these enterprises have become perennial drainers of public funds, dependent on government bailouts while rewarding themselves with inflated allowances and unnecessary expenditures,” he added.
This call for a sweeping overhaul of Ghana’s state enterprises comes as Mr. Mahama reaffirms his commitment to revitalizing the sector as part of his 2024 campaign promises. With a focus on accountability, leadership, and performance, he has vowed to break from the past, transforming loss-making SOEs into efficient, profitable entities that contribute meaningfully to the economy.
“These changes are not optional,” Mr.Mahama emphasized. “We must reset, realign, and drive the transformation needed for the future.”
President John Dramani Mahama has declared that the era of financial mismanagement and inefficiency among Ghana’s State-Owned Enterprises (SOEs) is over, issuing a sharp warning that unprofitable entities will no longer be tolerated.
Speaking at a meeting with CEOs of key organizations under the State Interest and Governance Authority (SIGA) on March 13, Mahama made it clear that SOEs failing to achieve profitability would face drastic measures, including mergers, privatizations, or closures. His remarks came after Finance Minister Cassiel Ato Forson highlighted the ongoing financial struggles of several SOEs, many of which have consistently failed to turn a profit.
“The time for mediocrity and financial recklessness has ended,” Mahama stated. “If you fail to meet the expectations set by our reset agenda, you will be expected to step aside. This is no longer a discussion—it’s a call to action.”
The president’s comments reflect his commitment to reforming Ghana’s state-owned sector, which has long been plagued by inefficiencies, waste, and financial instability. According to the 2023 State Ownership Report from SIGA, many SOEs have been underperforming, burdened by mismanagement, inflated expenses, and a lack of alignment with national interests.
Presidwnt Mahama criticized the executives and boards of these entities, accusing them of using SOEs as vehicles for personal enrichment rather than serving the public good. “Too many of these enterprises have become perennial drainers of public funds, dependent on government bailouts while rewarding themselves with inflated allowances and unnecessary expenditures,” he added.
This call for a sweeping overhaul of Ghana’s state enterprises comes as Mahama reaffirms his commitment to revitalizing the sector as part of his 2024 campaign promises. With a focus on accountability, leadership, and performance, he has vowed to break from the past, transforming loss-making SOEs into efficient, profitable entities that contribute meaningfully to the economy.
“These changes are not optional,” Mahama emphasized. “We must reset, realign, and drive the transformation needed for the future.”
Source:TheDotNews