SIGA calls for urgent reset of state-owned enterprises

The State Interests and Governance Authority (SIGA) has issued a pointed call for the wholesale reform of state-owned enterprises (SOEs), warning that public ownership must translate into measurable public value or risk becoming a burden on the national purse.

Addressing SIGA’s Annual Stakeholder Conference in Accra on Thursday, Director-General, Professor Michael Kpessa-Whyte delivered a candid assessment of the state of governance across the country’s portfolio of specified entities, acknowledging both progress and persistent shortfalls.

The conference, themed The State as a Partner in Progress: Leveraging Public Assets for Shared Prosperity, was attended by the Vice President, Prof Jane Naana Opoku-Agyemang, Ministers of State, Members of Parliament, and the heads of scores of state enterprises.

Progress made, but gaps remain

Prof Kpessa-Whyte reported that SIGA had expanded oversight coverage from 147 to 152 out of 175 approved specified entities and recorded improved compliance with financial reporting obligations.

Revenue growth was noted across the portfolio, particularly in the energy and financial services sectors, while operational performance showed steady recovery over three fiscal years, with profit before interest and tax returning to positive territory.

He singled out entities including Ghana Reinsurance Company, TDC Company Limited, and State Housing Company for paying dividends, and commended Ghana Ports and Harbours Authority, Bui Power Authority, Ghana National Gas Company, and Bulk Energies for sustaining consistent profitability over multiple years.



“These examples matter because they show what disciplined governance and strategic focus can deliver,” he said, adding that SIGA now expects these entities to improve the quality of their profits so they can pay regular dividends for the benefit of Ghanaians, who are the ultimate shareholders.

A direct warning to boards and management

In some of the most pointed remarks of the address, Prof Kpessa-Whyte spoke directly to Board Chairs, Board Members, and Chief Executives assembled in the hall, urging them to treat corporate governance not as paperwork but as the critical difference between institutions that serve the nation and those that drain it.

He called on leaders to ensure that audit and risk committees are active and effective, to treat internal audit functions as shields rather than inconveniences, and to be uncompromising about conflicts of interest.

“When conflicts of interest enter procurement, contracting, recruitment, and decision-making, the institution stops serving the public and starts serving private networks,” he advised.

He also reminded leaders of their obligation to submit audited financial statements by the statutory April deadline, describing reporting delays as risks that hide exposure and weaken public oversight.

Troubled sectors and a three-pronged reform agenda

The Director-General admonished struggling entities. He acknowledged that some SOEs, particularly in the energy and utilities sectors, continue to carry heavy burdens from finance costs, debt, and foreign exchange exposure.

He cited the Electricity Company of Ghana (ECG), Ghana Water Limited, and COCOBOD as entities where restructuring can no longer be deferred.

To address systemic weaknesses, he outlined three major initiatives SIGA is pursuing. First, the authority is developing a dividend payment framework to establish a predictable, transparent culture of remitting returns to the state.

Second, a 10-year portfolio management strategy is being designed to reposition SOEs from fiscal liabilities to financially sustainable national assets, benchmarked against global best practice.

Third, SIGA is building an active investor relations function to move Ghana from passive shareholding to strategic partnership in its joint venture companies.

Accountability in the spotlight

The conference also featured breakout sessions drawn from findings in SIGA’s State Ownership Report and its Annual Governance and Institutional Performance Assessment Report (AGIPAR).

Prof Kpessa-Whyte urged participants to treat the sessions as genuine problem-solving forums and to leave with concrete, time-bound actions.

The program concluded with the Public Enterprises League Table and Awards (PELT), SIGA’s objective benchmarking exercise for specified entities. Attendance was declared mandatory for all entities.

“Accountability must be seen, not whispered,” Prof Kpessa-Whyte said.