President John Dramani Mahama has delivered a firm warning to State-Owned Enterprises (SOEs), declaring that the government will no longer cushion chronic financial losses or tolerate widespread statutory non-compliance across public institutions.
Speaking on Thursday at the State Interests and Governance Authority (SIGA) Governing Boards and CEOs Conference 2026 at La Palm Royal Beach Hotel, the President revealed stark compliance failures across state entities. Out of 148 Chief Executives expected to sign performance contracts, only 72 have complied since his administration took office.
Statutory reporting deadlines have seen similar lapses. Only 61 entities submitted audited financial statements by the 30 April statutory deadline, while 71 supplied quarterly reports. Furthermore, just 37 of 177 required institutions conducted annual general or stakeholder meetings, alongside a drop in employment data submissions from 142 entities in 2024 to 137 in 2025.
Acknowledging modest governance improvements, President Mahama cautioned against complacency, emphasizing that public assets—including energy infrastructure, ports, utilities, pension funds, and state-owned lands—belong strictly to citizens.
“We must not confuse improvement with complete success. Only 61 entities submitted their audited financial statements by the statutory deadline of April 30. A significant number of entities either submitted after the deadline or still relied on management and draft accounts,” the President stated.
“In addition, only 72 of the 148 entities expected to sign performance contracts had done so, and only 71 had submitted quarterly reports, and just 37 of the 177 entities expected to hold annual general meetings or annual stakeholder meetings had complied. Employment data submissions also declined from 142 entities in 2024 to 137 in 2025 and these compliance gaps are unacceptable.”
Under a reset relationship between the state and public enterprises, leadership tenure will now depend on measurable results, efficiency, and profitability to ease pressure on the national budget.
“Persistent losses will no longer be quietly absorbed into the national budget,” President Mahama said.
“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.”
Underlining that public ownership must yield public value, President Mahama challenged all participating boards and executive teams to provide concrete proof of the value generated for the nation.
By: Rainbowradioonline.com/Ghana