President John Dramani Mahama has charged Boards and Chief Executive Officers (CEOs) of State-Owned Enterprises (SOEs) to move beyond mere survival and deliver measurable public value, insisting that state assets belong to the people of Ghana and are held only in trust.
At the SIGA Governing Boards and CEOs Conference held at the La Palm Royal Beach Hotel in Accra yesterday on the theme: “Creating public value through leadership, corporate governance, and performance excellence”, the President said every specified entity must demonstrate the value it had created for the Ghanaian people.
“Public ownership must produce public value.
These assets do not belong to any government, board or chief executive officer.
They belong to the people of Ghana, and you and I hold them only in trust,” he said.
Improved financials
President Mahama disclosed that combined revenue of specified entities increased from GH¢137.71 billion in 2024 to GH¢176.40 billion in 2025, representing growth of about 28.12 per cent.
The aggregate net position moved from a net loss of GH¢2.26 billion in 2024 to a net profit of GH¢1.98 billion in 2025.
Return on assets improved from 1.3 per cent to 6.31 per cent, while return on equity rose from negative 1.6 per cent to 15.7 per cent.
He, however, cautioned that the improvement was significantly aided by about GH¢11.72 billion in net foreign exchange gains and a 42.5 per cent decline in aggregate finance costs.
“Our task is to convert this favourable financial relief into sustained operational efficiency,” he said.
He commended the Tema Oil Refinery for recording its first net profit in almost a decade, moving from a loss of about GH¢745 million to a profit of GH¢1.09 billion.
Ghana Water Company Limited also moved from a GH¢3.06 billion loss to a GH¢635 million profit, while Ghana Cocoa Board recovered from a GH¢5.73 billion loss to a GH¢5.11 billion profit.
The President pointed out that five state enterprises recorded losses every year between 2021 and 2025, with aggregate liabilities exceeding their net assets.
SIGA boss raises alarm over compliance
The Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, expressed concern over poor compliance by some specified entities with governance and accountability requirements.
He disclosed that only 72 out of a target of 148 entities signed performance contracts in 2025, while 71 submitted their quarterly reports on time. Only 37 entities held annual general or stakeholder meetings during the year.
On a positive note, he said submissions of audited accounts improved significantly from 53 in 2024 to 108 in 2025.
He described the improvement as encouraging but stressed that compliance gaps remained a serious challenge to effective ownership oversight.
Compliance gaps unacceptable
President Mahama described the gaps as unacceptable, stating that audited accounts, performance contracts, quarterly reports and annual general meetings were not optional bureaucratic exercises but basic instruments of accountability.
He said the 2025 State Ownership Report covered 162 of 175 entities, about 89 per cent, comprising 53 SOEs, 36 joint ventures and 73 other entities.
Of the 162 financial reports analysed, 108, or 66.67 per cent, were based on audited financial statements — the highest proportion ever used in a state ownership report.
Only 61 entities, however, submitted their audited financial statements by the statutory deadline of April 30. Employment data submissions also declined from 142 entities in 2024 to 137 in 2025.
Recoverable irregularities identified by the Auditor-General declined from GH¢15.57 billion in 2024 to GH¢2.24 billion in 2025, a reduction of about 85.6 per cent.
The President said the figure, though welcome, was still too high.
He named the Minerals Commission, Lands Commission and Ghana Telecommunications Company Limited as entities that failed to submit their 2025 accounts for inclusion in the report.
Governance and remuneration reforms
President Mahama directed SIGA to establish and enforce a clear reporting and coordination framework for all government representatives on joint venture boards.
He said such representatives must report material decisions, financial performance and risks to the state.
He also announced the transition from the Fair Wages and Salaries Commission to the proposed Independent Public Emoluments Commission, which would link executive compensation to institutional performance, financial health and service delivery.
“High-performing public enterprises and their leaders should be appropriately recognised, but poor performance cannot be continually rewarded without consequences,” he said.
He further directed every board to agree with management, within 14 days, on a limited set of measurable priorities covering financial performance, service delivery, governance, risk, audits and compliance.
“The resources entrusted to our state institutions must work as hard for Ghana as our nurses do in our hospitals, our teachers in our classrooms and our farmers in their fields,” President Mahama said.
