The Minister of Finance, Dr. Cassiel Ato Forson, has raised alarm over the poor financial performance of Ghana’s State-Owned Enterprises (SOEs), revealing that only three SOEs State Housing Company, Ghana Reinsurance Company, and TDC paid dividends in 2024, totaling GH¢28.7 million.
Speaking at the “President Mahama Meets CEOs of Specified Entities under SIGA” event on March 13, 2025, Dr. Forson described the situation as alarming, stating that “persistent losses do not reflect the potential of our state-owned enterprises.”
He noted that key institutions like the Electricity Company of Ghana (ECG), COCOBOD, GRIDCo, GIHOC Distilleries, and the Graphic Communications Group Ltd. have recorded consistent losses over the years, with ECG alone posting GH¢8 billion in losses in 2022 and nearly GH¢6 billion in 2023.
“The government is rolling out a recovery plan designed to turn around the fortunes of these struggling SOEs,” Dr. Forson said, noting “This includes strengthening leadership, enforcing corporate governance standards, and ensuring financial discipline to restore profitability.”
President John Dramani Mahama, addressing the gathering, reinforced his administration’s commitment to transforming these entities stressing that loss-making enterprises will face decisive reforms:
“The era of impunity, mediocrity, and financial recklessness must end today. Loss-making SOEs will no longer be tolerated they will be reformed, merged, privatized, or shut down.”
President Mahama further criticized inefficiencies in many SOEs, accusing them of being used for personal enrichment rather than national interest.
“They’ve been burdened by waste, conflict of interest, and a complete detachment from national purpose. Boards that make poor decisions will be replaced, and corruption or financial mismanagement will be prosecuted,” he said.
The 2023 State Ownership Report by the State Interests and Governance Authority (SIGA) revealed widespread inefficiencies across specified entities, prompting government’s renewed commitment to accountability and performance in the public sector.
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