President John Dramani Mahama stood before governing boards and chief executives of Ghana’s State-Owned Enterprises at the annual SIGA Governing Boards and CEOs Conference. Held at the La Palm Royal Beach Hotel in Accra under the theme “Creating Public Value Through Leadership, Corporate Governance and Performance Excellence,” the gathering was far more than a routine meeting. It became a clear signal of the government’s renewed determination to transform how public assets are managed.
The State Interests and Governance Authority (SIGA) brought together board chairs, CEOs and senior officials to confront longstanding challenges in the SOE sector. President Mahama used the platform to deliver a firm, detailed message that combined recognition of recent progress with sharp warnings about remaining weaknesses. His address focused on measurable results, clear boundaries between boards and management, financial discipline, and the fundamental principle that public assets belong to the Ghanaian people.
One of the central themes of the President’s speech was the idea of public value. He reminded participants that state assets ports, power plants, water systems, factories, pension funds, land, buildings, equipment and shares held by the Republic do not belong to any government, board or chief executive. These resources are held in trust for the citizens of Ghana.
“Public ownership must produce public value,” Mahama declared. He challenged every institution represented at the conference to demonstrate, with credible evidence, the value it had created for ordinary Ghanaians. Survival alone is no longer acceptable. Boards and management must move beyond keeping institutions afloat and show tangible contributions through profits, improved services, job creation, infrastructure development and support for national goals.
This emphasis on public value reflects a broader shift in how the current administration views state enterprises. Rather than treating SOEs as automatic recipients of budget support, the government now expects them to generate returns that benefit the wider economy and the public purse.
President Mahama devoted significant attention to the proper role of boards. He cautioned board chairpersons against meddling in the day-to-day running of their entities. Some chairs, he noted, had taken offices within their organisations and reported to work as if they held full-time executive positions. This practice blurs the essential line between governance and management.
“A Board is not a ceremonial position. A membership is not an advertisement,” he stated. Boards are responsible for strategic direction, policy guidance, risk oversight, the integrity of financial reporting and overall institutional performance. Management, on the other hand, is charged with executing those strategies and delivering measurable results.
Mahama stressed that when boards cross into operational territory, accountability weakens. Clear separation of roles is necessary for effective oversight. Board chairs and members must exercise independence, competence and integrity without assuming the functions of CEOs and their teams.
The President acknowledged notable improvements in the financial performance of specified entities under SIGA’s oversight. Combined revenue rose from GH¢137.71 billion in 2024 to approximately GH¢176.40 billion in 2025, representing growth of about 28 percent. The portfolio shifted from an aggregate net loss of GH¢2.26 billion in 2024 to a net profit of GH¢19.8 billion in 2025.
These figures mark a significant turnaround. Yet Mahama was careful to place them in context. He warned against confusing one year of improvement with lasting success. Some of the gains, he observed, may have been influenced by external factors rather than deeper operational strength. Sustained performance, not temporary progress, remains the true test.
He also highlighted persistent underperformance. Five state-owned enterprises recorded losses every year between 2021 and 2025. Such chronic losses, he made clear, can no longer be quietly absorbed into the national budget. The government expects leadership teams to reverse these trends or face consequences, including possible leadership changes.
Despite progress in some areas, President Mahama expressed concern over low compliance with key governance requirements. Only 72 out of 148 entities expected to sign performance contracts had done so. Just 71 submitted their quarterly reports on time. Only 37 of 177 entities held the required annual general or stakeholder meetings.
On the positive side, the submission of audited financial statements improved markedly, rising from 53 entities in 2024 to 108 in 2025. Even so, many still missed the statutory deadline of 30 April or continued to rely on management accounts and drafts rather than fully audited reports.
These gaps, Mahama argued, undermine transparency and make effective oversight difficult. Performance contracts must be treated as serious commitments rather than administrative formalities. Reports submitted to SIGA must be timely, complete and credible. Entities that continue to fall short risk corrective action.
Another firm message concerned the use of resources. The President warned boards and management against diverting profits that belong to the Ghanaian people into personal benefits or excessive “creature comforts.” Profitable enterprises, he said, have a primary responsibility to pay dividends to the state rather than inflate executive perks.
This directive forms part of a wider push for financial discipline. Salary increases and bonuses for executives at underperforming institutions are expected to face greater scrutiny. Leadership positions will increasingly be tied to measurable value creation and profitability.
At the close of the conference, board chairpersons and CEOs publicly signed ten landmark commitments on finance and governance. These commitments are intended to lock in reforms and create clearer accountability mechanisms.
President Mahama directed boards to work with management in the next reporting cycle to establish a limited set of measurable priorities. These should cover financial performance, service delivery, governance, risk management, audits, compliance and contributions to national development. SIGA has been tasked with monitoring these priorities and publishing performance assessments. Full cooperation with SIGA is now mandatory. Persistent non-compliance or obstruction of lawful oversight will be considered when decisions are made about continued tenure.
The 2026 SIGA Governing Boards and CEOs Conference reflects a determined effort to reset the relationship between the state and its enterprises. After years of mixed results, the government is signalling that SOEs must justify their existence through results rather than historical privilege.
For board members and CEOs, the message is straightforward. Positions of leadership come with measurable responsibility. Public assets must be protected, used productively and made to generate real value for citizens. Governance structures must remain clear, financial reporting must be rigorous, and underperformance will no longer be overlooked.
As Ghana continues to manage fiscal pressures and pursue broader economic recovery, the performance of its state-owned enterprises will remain under close watch. The conference of 10 September 2026 set a clear standard. The coming months and years will reveal how seriously that standard is applied.
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