Ghana state-owned enterprise governance and reporting under scrutiny

Experts and academics are raising concerns regarding the accuracy and governance of Ghana’s state-owned enterprises (SOEs) following recent reports and board dissolutions.

Prof. Isaac Boadi of the University of Professional Studies, Accra (UPSA), has challenged the credibility of the State Interests and Governance Authority (SIGA) report. He noted significant internal contradictions, specifically citing instances where figures for “other state enterprises” varied wildly between GH¢1.8 billion and GH¢10.8 billion within the same document. This comes amid reports that the Electricity Company of Ghana’s (ECG) liabilities have risen to approximately GH¢82.3 billion.

Governance experts are also calling for structural reforms. Former Auditor-General Daniel Yaw Domelevo criticized the practice of appointing Members of Parliament to SOE boards, arguing it creates a conflict of interest where legislators act as both “player and referee.” Similarly, corporate governance expert Angela Carmen Appiah urged the government to prioritize merit and professional competence over political appointments following the dissolution of boards at nine major institutions, including the Ghana National Petroleum Corporation (GNPC) and Bulk Oil Storage and Transportation Company (BOST).

While SIGA reported a consolidated net profit of GH¢19.8 billion for the SOE sector in 2025, consultant Dr. Richmond Atuahene cautioned that these figures may not reflect genuine operational efficiency, suggesting that structural problems must be addressed to ensure sustainable performance.