President John Dramani Mahama has warned that improved state owned enterprises performance in 2025 will mean little unless public entities sustain the gains and strengthen their core operations.
Speaking at a conference with chief executives and governing boards, President Mahama said the latest State Interests and Governance Authority report offered encouraging signs. He was not ready to declare victory.
“A one year turnaround is encouraging, but sustained performance is the real test,” he said.
The 2025 SIGA report examines the finances, operations and governance of state owned enterprises and other entities in which the government holds an interest.
Exchange rate gains not enough
President Mahama commended entities that improved their results during the year, including efforts to create more transparent and accountable structures around Ghana’s gold trade.
“These results deserve commendation,” he said.
He cautioned, however, that public entities could not continue depending on favourable economic conditions or exchange rate movements to produce better financial statements.
“They must be sustained through stronger core operations and cannot depend indefinitely on just a better business environment and the exchange rate movements,” the President said.
The warning puts attention on where SOE earnings actually come from. Accounting gains linked to currency movements can improve annual results, but they do not necessarily show that an entity is selling more, controlling costs or delivering better services.
Five entities recorded repeated losses
President Mahama said progress by some entities should not distract from weaknesses across the wider state portfolio.
“Progress by a number of entities cannot mask the persistent weaknesses across the general portfolio,” he said.
He disclosed that five state owned enterprises recorded losses in each year from 2021 to 2025. He did not identify the entities in the remarks.
The repeated losses raise questions about management, operational efficiency and the continued exposure of public funds to underperforming organisations.
Government, President Mahama said, will pursue reforms aimed at strengthening the finances and operations of SOEs.
The immediate challenge is not producing one encouraging report. It is ensuring that state businesses remain financially sound, provide reliable services and deliver measurable value to Ghana without repeatedly returning to the public purse for support.
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