The Deputy Minister for Finance, Mr Thomas Nyarko Ampem, has cautioned State-Owned Enterprises (SOEs) to improve their operational efficiency or face restructuring, privatisation, or dissolution under the government’s renewed drive for accountability.
Speaking on behalf of the Minister for Finance, Dr Cassiel Ato Forson, at a stakeholder meeting on State-Owned Enterprises and Specified Entities, held under the theme “Leveraging Public Assets for Shared Prosperity,” Mr Ampem said loss-making entities would no longer be accommodated as government works to safeguard public resources.
He said the government had stabilised the macroeconomic environment, creating the conditions necessary for SOEs to deliver value, adding that enterprises were “running out of excuses for non‑performance.”
Referencing President John Dramani Mahama’s earlier commitments, the Deputy Minister reiterated that the ongoing economic reset agenda would enforce fiscal, governance and performance discipline across the public enterprise landscape. Underperforming entities, he said, would be reformed, merged, privatised, or shut down where necessary.
Mr Ampem highlighted improvements in key macroeconomic indicators, including a decline in inflation from 23.8 percent in January 2025 to 3.3 percent in February 2026, alongside gains in currency stability and reductions in the Bank of Ghana’s monetary policy rate. These developments, he noted, provide a solid base from which SOEs must transition from fiscal drains to contributors to national revenue.
He expressed concern over the cost of inefficiencies across the sector, citing government spending of about US$1.47 billion to offset energy sector shortfalls. He added that the Electricity Company of Ghana (ECG) continues to record significant technical and commercial losses, with about 40 per cent of power lost each year.
In the financial sector, the Deputy Minister disclosed that the government recapitalised the National Investment Bank (NIB) and Agricultural Development Bank (ADB) with over GH¢1 billion in 2025. He added that efforts were underway to convert COCOBOD’s GH¢5.8 billion legacy debt into equity. Such interventions, he said, posed serious fiscal risks and must not continue unchecked.
Mr Ampem, however, commended three SOEs—Ghana Ports and Harbours Authority (GPHA), Ghana Reinsurance Company Limited, and TDC Ghana Limited—for improvements in dividend payments. The three entities paid a combined GH¢329.34 million in dividends in 2025, a sharp rise from GH¢28.7 million recorded in 2024.
Despite the progress, he said concerns remained regarding consistency in performance and compliance across the broader SOE sector.
He underscored the need for strict adherence to reporting and governance requirements under the State Interests and Governance Authority (SIGA), warning that entities that failed to comply would face sanctions. Boards and management teams, he stressed, would be held directly accountable for lapses in oversight and execution.
The Deputy Minister urged SOEs to operate with discipline, efficiency and transparency, emphasising that public enterprises must deliver value to the Ghanaian people or risk dissolution.
The meeting, attended by the Vice President, Her Excellency Jane Naana Opoku-Agyemang, brought together key government officials and stakeholders to explore strategies for repositioning public enterprises to support national development.
Source: businesspostonline
