SIGA engages World Bank on reforms

The Acting Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, has engaged officials of the World Bank in discussions aimed at making Ghana’s State-Owned Enterprises (SOEs) more efficient and profitable.

The meeting, held in Accra on Tuesday, February 25, forms part of President John Dramani Mahama’s broader agenda to reform Ghana’s struggling public enterprises.

Prof. Kpessa-Whyte emphasized that the discussions with the World Bank focused on enhancing governance structures, improving financial sustainability, and ensuring that SOEs contribute meaningfully to Ghana’s economic development.

In a post on his X page, he stated, “As part of initial steps towards honouring President Mahama’s promise to reform Ghana’s SOEs, SIGA met and had fruitful deliberations with the Country Director and other officials of World Bank Ghana on enhancing the efficiency and profitability of SOEs.”

The engagement is expected to provide strategic insights into best practices from international models such as Saudi Aramco and Norway’s Statoil, which have successfully managed national resources while boosting GDP growth.

With Ghana’s SOEs playing a significant role in public expenditure and employment, ensuring their viability is seen as critical to economic stability.

Despite a few success stories, many SOEs, such as Ghana Water Company Limited (GWCL) and Ghana Railways, have faced chronic inefficiencies, outdated infrastructure, and financial mismanagement.

Experts like analyst Atitso Akpalu have pointed to governance weaknesses, political interference, and lack of transparency as major hindrances to SOE performance.

Learning from international examples, such as the UK’s privatization of British Rail or Germany’s restructuring of Deutsche Bahn, could offer strategic insights into revamping Ghana’s public enterprises.