President John Dramani Mahama has issued a firm warning against the inefficiencies plaguing Ghana’s State-Owned Enterprises (SOEs), declaring that loss-making entities will no longer be tolerated.
Speaking at a high-profile meeting with CEOs of specified entities at the Kempinski Hotel in Accra, President Mahama outlined his administration’s decisive approach to reforming the sector.
“Loss-making SOEs will no longer be tolerated. They will be swiftly reformed, merged, privatized, or shut down,” he stated.
The President emphasized that corruption, procurement fraud, and financial mismanagement within SOEs would be strictly prosecuted, and boards that fail to uphold accountability would be replaced. He also condemned the practice of indemnifying board members from responsibility using state resources.
“SOEs must deliver strategic value, particularly in energy, transport, manufacturing, agriculture, and finance, to support Ghana’s industrialization and the 24-hour economy initiative,” President Mahama stressed.
As part of the restructuring, entities such as the Electricity Company of Ghana (ECG) and the Ghana Consolidated Company (GCC) are set to be replaced. Other major SOEs, including the Ghana Grid Company, Ghana Water Company, Ghana Cocoa Board, Ghana National Petroleum Corporation, Metro Mass Transit, Ghana Ports and Harbors Authority, Agricultural Development Bank, National Investment Bank, and state-owned telecom companies, will be expected to play pivotal roles in national development.
The President highlighted the necessity for these institutions to ensure stable electricity, water supply, production efficiency, transportation, digital banking, and a cashless economy operating 24/7. Additionally, SOEs will be instrumental in implementing the government’s flagship 24-hour economy policy aimed at job creation, enhancing industrial productivity, and optimizing national output.
