President John Dramani Mahama has demanded an end to persistent financial losses by State-Owned Enterprises (SOEs), charging their boards and management teams to improve efficiency, accountability and profitability.
He said government could no longer continue to use the national budget to absorb recurring losses from state-owned institutions, particularly when the entities manage assets belonging to the people of Ghana.
President Mahama made the remarks at a conference organised by the State Interests and Governance Authority (SIGA) at the La Palm Royal Beach Hotel.
He said the government had reset its approach to managing state-owned enterprises and would expect institutions entrusted with public assets to deliver measurable results and create value.
“Persistent losses will no longer be quietly absorbed into the national budget,” President Mahama said.
According to him, leadership positions within SOEs must be tied to clear performance expectations, including the ability to create value and improve profitability.
The President also reminded boards, chief executives and management teams that the assets under their control are not their personal or institutional property but belong to the Ghanaian people.
He cited the country’s ports, power infrastructure, factories, water systems, pension funds, lands, buildings, equipment and government-owned shares as some of the public assets being managed on behalf of citizens.
“These assets do not belong to any government, a board, or a chief executive. They belong to the people of Ghana, and you and I hold them only in trust for the people,” he said.
President Mahama said public ownership must ultimately translate into tangible benefits for citizens, stressing that state institutions must demonstrate the value they generate from the resources entrusted to them.
He therefore challenged the SOEs represented at the conference to provide credible evidence of their contribution to the Ghanaian people and to strengthen their operations to reduce losses and improve their overall performance.
