SOEs must commit to reducing dependence on government funding – GoldBod CEO

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has led State-Owned Enterprises (SOEs) to commit to reducing their dependence on government funding.

The move is aimed at making SOEs more financially independent, efficient and capable of raising funds independently to support their operations and major projects.

He made the commitment on behalf of SOE leaders at a conference organised by the State Interests and Governance Authority (SIGA) on September 10, 2026.

He said SOEs would gradually reduce their reliance on government subventions, government-backed loans and other forms of state support.

Ghanaians get visa-free access to Maldives, Zambia and Antigua and Barbuda

Instead, the companies are expected to explore more sustainable ways of raising funds, including partnerships with private investors and other market-based financing options.

For major projects, SOEs will consider options such as public-private partnerships, blended finance and infrastructure bonds to raise the needed capital.

“Every major investment will now face rigorous feasibility analysis, independent due diligence and risk assessment alongside transparent reporting on capital returns,” he stated.

He also called for tighter control over spending, proper budgeting and better management of company finances to prevent waste and improve financial performance.

According to him, SOEs must also strengthen accountability by ensuring that boards focus on oversight while management handles the day-to-day running of the companies.

The CEO said SOEs must comply with SIGA’s requirements, including signing performance contracts on time and submitting required reports.

He warned that companies that continued to perform poorly would face action in line with the SIGA Act.

Africa's second-richest man appoints son to key role

He said the new approach would also focus on fighting corruption, managing conflicts of interest and preventing undue interference in the operations of SOEs.

Gyamfi added that SOEs must build strong institutions, improve risk management and strengthen internal controls to ensure that their success does not depend on individual leaders but can be sustained over the long term.

DR/MA

GoldBod CEO, Sammy Gyamfi, Esq., has led Chief Executives of State-Owned Enterprises (SOEs) in committing to greater efficiency, stronger performance and sustainable growth in support of Ghana’s development.

The commitment was made at the 2026 Governing Boards & CEOs’ Conference… pic.twitter.com/8u9RnQTuVT

— Ghana Gold Board (GoldBod) (@GhanaGOLDBOD) September 10, 2026