President Mahama issues fresh warning to SOEs over persistent losses

Domestic State-Owned Enterprises (SOEs) recorded a net profit after tax of GH¢19.8 billion in 2025, ending four consecutive years of consolidated losses, according to the 2025 State Ownership Report (SOR) released by the State Interests and Governance Authority (SIGA).

President John Dramani Mahama has welcomed the turnaround but warned that the improved financial performance must be sustained, stressing that “a one-year turnaround is encouraging, but sustained performance is the real test.”

Speaking at a conference organised by SIGA on September 10, 2026, President Mahama said state ownership must translate into tangible benefits for Ghanaians.

“Ownership must produce public value. Every institution represented here must demonstrate with credible evidence the value that it has created for the Ghanaian people,” he said.

He recalled that when he engaged Chief Executives of State-Owned Enterprises in March 2025, he pointed it out to them that the government was “resetting the relationship between governments and its enterprises.”

According to him, persistent losses by state-owned enterprises could no longer be absorbed by the taxpayer through the national budget.

“I said that persistent losses could no longer be quietly absorbed into the national budget,” President Mahama said, adding that leadership positions in state enterprises should be linked to performance.

He stressed that “leadership positions should be tied to measurable value and profits,” as part of efforts to improve accountability and performance across the state enterprise sector.

President Mahama also commended the progress recorded by some entities, particularly efforts to build “transparent, accountable, and nationally beneficial structures around Ghana's gold trade. These results deserve commendation.”

Ghana's SOEs record GH¢19.8 billion profit after four years of losses - SIGA

However, he cautioned that the gains must not depend solely on favourable economic conditions.

“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 said.

The president noted that despite the overall improvement, significant weaknesses remained within the state enterprise portfolio.

“Progress by a number of entities cannot mask the persistent weaknesses across the general portfolio,” he cautioned.

He further disclosed that five state-owned enterprises recorded losses in every year between 2021 and 2025, stressing the need for sustained reforms and stronger financial management across the sector.

See the video below:

Progress by a number of entities cannot mask the persistent weaknesses accross the general portfolio [State Owned Enterprise]

- President Mahama meets CEOs and heads of state-owned enterprises under SIGA in an effort to reposition them to become financially viable. #3NewsGH… pic.twitter.com/1lW4cPB23Q

— #TV3GH (@tv3_ghana) September 10, 2026