Mahama challenges SOE bosses to turn profits into lasting value for Ghanaians

President John Dramani Mahama has challenged boards and chief executives of state-owned enterprises (SOEs) to build on their recent financial gains and deliver lasting value to Ghanaians.

He said improved profits and revenues would mean little if they did not translate into stronger operations, better services and measurable benefits for the citizens who ultimately own the state’s assets.

Speaking at the SIGA Governing Boards and CEOs’ Conference 2026 at the Labadi Beach Hotel, President Mahama reminded SOE leaders that the country’s ports, power infrastructure, factories, water systems, pension funds, land, buildings, equipment and government-held shares belong to the Ghanaian people.

According to him, government officials and managers are only custodians of those assets and must manage them in the public interest.

“Public ownership must produce public value,” he said.

The President urged the institutions represented at the conference to provide clear evidence of the value they had created for Ghanaians.

He recalled his March 2025 meeting with chief executives, where he announced a reset in the relationship between government and state enterprises.

President Mahama said persistent losses could no longer simply be passed on to taxpayers through the national budget, while the State Interests and Governance Authority (SIGA) must become more effective in monitoring ownership and performance.

He also stressed that leadership positions in SOEs must be tied to measurable results, value creation and profitability.

President Mahama said the latest State Ownership Report showed a significant improvement in the overall performance of SOEs.

Combined revenue increased from $137.71 billion in 2024 to $176.43 billion in 2025, representing growth of about 28.12%.

The sector also moved from an aggregate net loss of $2.26 billion in 2024 to a net profit of $19.8 billion in 2025.

Return on assets increased from 1.3% to 6.31%, while return on equity improved from negative 1.6% to 15.7%.

However, the President cautioned against attributing all the gains to improved management.

He noted that better foreign exchange conditions and lower financing costs had also helped both state-owned and private businesses.

About $11.72 billion in net foreign exchange gains and a 42.5% reduction in aggregate finance costs, he said, contributed significantly to the improved performance.

He therefore urged managers to use the favourable economic conditions to strengthen their businesses rather than depend on temporary gains.

President Mahama also commended 10 SOEs that recorded positive net profits in every year from 2021 to 2025.

The Ghana National Petroleum Corporation (GNPC) recorded the highest average annual profit of about $2.25 billion, followed by the Ghana Ports and Harbours Authority (GPHA) with $1.41 billion.

The Minerals Income Investment Fund (MIIF) averaged $773.9 million, while BOSS Energy recorded an average of $348.1 million.

The President also recognised the consistent profitability of the Bui Power Authority, Ghana Exim Bank, Ghana National Gas Corporation, TDC Company Limited, Ghana Supply Company Limited and the Venture Capital Trust Fund.

He said maintaining profitability for five consecutive years was commendable but should push the institutions to strengthen governance and pursue even greater value creation.

Several other state enterprises also recorded significant improvements in 2025.

The Tema Oil Refinery (TOR), for instance, moved from a net loss of about GH¢745 million to a net profit of $1.09 billion. President Mahama described the result as its first net profit in almost a decade.

The Ghana Water Company Limited also moved from a loss of $3.06 billion to a profit of approximately $635 million.

Similarly, the Ghana Cocoa Board (COCOBOD) improved from a loss of $5.73 billion to a profit of $5.11 billion.

BOSS Energy increased its net profit from about $3.98 million to $6.84 million, while the Gold Board recorded a sharp rise in net profit from $88.5 million in 2024 to approximately $896.5 million in 2025.

President Mahama said the Gold Board’s performance demonstrated the importance of establishing transparent and accountable structures that ensure Ghana benefits from its gold trade.

Despite the positive figures, President Mahama warned SOE managers against becoming complacent.

He said the improved financial performance must be backed by stronger core operations and should not depend indefinitely on favourable exchange-rate movements, lower financing costs or other temporary economic conditions.

He urged boards and chief executives to use the State Ownership Report to identify weaknesses, improve governance and determine the reforms needed across the public enterprise sector.

The President stressed that recording a profit in a single year should not be regarded as a complete turnaround.

“A one-year turnaround is encouraging, but sustained performance is the real test.”

He therefore charged SOE leaders to focus on efficiency, good governance and long-term sustainability to ensure that Ghana’s public assets continue to generate meaningful value for the citizens who own them.

NA/AM