President Mahama addresses SOEs

By Samuel Fianko 

The President of the Republic of Ghana, His Excellency John Dramani Mahama, today (March 13, 2025) met with Chief Executive Officers (CEOs) of specified State-Owned Enterprises (SOEs) under the State Interest and Governance Authority (SIGA) at the Kempinski Hotel in Accra.

President Mahama addressing the CEOs.

The breakfast meeting was intended, among other things, to reiterate his vision for the country, and stress the importance of the role of all SOEs in national development.

President Mahama called for a complete reset of SOEs to drive his transformation and reset agenda.

“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside,” he said.

President John Dramani Mahama (left) flanked by Prof. Michael Kpessah-Whyte (middle), Director General of the State Interest Governance Authority and Hon. Dr. Cassiel Ato Forson, Finance Minister.

President Mahama further warned that “the era of impunity, mediocrity, and financial recklessness must end today.”

He also indicated that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.

According to President Mahama, the meeting was not just a forum for discussion but a decisive call to action, demanding bold leadership, accountability, and an unwavering commitment to excellence from SOE Executives.

“This meeting reaffirms my commitment to shaking up loss-making SOEs and realigning them to break even and transition into profitability. My 2024 campaign promises and the 120-day social contract with the people of Ghana were not mere rhetoric,” he stated.

A cross-section of the CEOs in the meeting. Among them is Mrs. Justina Nelson, acting Chief Executive Officer of the Minerals Income Investment Fund (MIIF).

President Mahama buttressed his point with the 2023 State Ownership Report produced by SIGA, which highlighted inefficiencies plaguing SOEs, necessitating decisive action.

According to him, many specified entities have operated inefficiently for too long, weighed down by waste, underperformance, conflicts of interest, and a lack of national interest alignment.

“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The Chief Executives, Management, and Boards of these enterprises are responsible for this situation.

Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he added.

 

Finance Minister, Hon. Dr. Cassiel Ato Baah Forson, said with the right measures and commitment, the CEOs will turn around the complex situations.