President John Dramani Mahama has challenged managers of Ghana’s state-owned enterprises (SOEs) to prove that recent improvements in their performance can be sustained, warning that a single year of positive results will not be enough.
According to the President, the progress captured in the 2025 State Interests and Governance Authority (SIGA) report is encouraging, but the government will be looking for lasting improvements in the financial and operational performance of state-owned entities.
“A one year turnaround is encouraging, but sustained performance is the real test,” President Mahama said.
He made the remarks at a conference involving chief executives and governing boards of SOEs to discuss the findings of the 2025 SIGA report.
The President commended the entities that recorded improvements, including efforts aimed at establishing what he described as “transparent, accountable and nationally beneficial structures around Ghana’s gold trade.”
However, he cautioned management teams against attributing improved results solely to favourable economic conditions or exchange rate movements.
“These results deserve commendation,” he said, while stressing that the gains must ultimately be supported by stronger core operations.
“They must, however, be sustained through stronger core operations and cannot depend indefinitely on just a better business environment and the exchange rate movements,” he added.
President Mahama also warned that the improved performance of some entities should not create the impression that the challenges facing the broader state-owned enterprise sector have been resolved.
“Progress by a number of entities cannot mask the persistent weaknesses across the general portfolio,” he stated.
He disclosed that five SOEs had recorded losses in every year from 2021 to 2025, describing the situation as an indication that deeper reforms are required to address structural weaknesses within the sector.
The President said his administration would continue working to improve the financial and operational health of state-owned enterprises and ensure that public institutions become more productive and deliver greater value to the economy.
The 2025 SIGA report provides an assessment of the performance and governance of state-owned enterprises and other state entities, offering a broad picture of their financial and operational standing.
President Mahama’s warning places renewed emphasis on whether the recent improvement in SOE performance can translate into consistent profitability, stronger operations and reduced dependence on favourable economic conditions.
