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Ghana President warns state-owned enterprises against relying on government bailouts
President John Dramani Mahama has issued a directive that the Ghanaian government will no longer absorb the persistent financial losses of state-owned enterprises (SOEs). Speaking at the 2026 State Interests and Governance Authority (SIGA) conference, the President emphasized that leadership in these institutions must be tied to performance, value creation, and profitability to protect public assets.
While the aggregate performance of SOEs showed a significant turnaround—moving from a GH¢2.26 billion net loss in 2024 to a GH¢19.8 billion net profit in 2025—the President warned against complacency. He noted that much of this improvement was driven by favorable exchange rate movements and a reduction in finance costs rather than purely operational efficiency. He also highlighted critical compliance gaps, noting that only 72 of 148 expected chief executives have signed performance contracts.
Parallel to these domestic developments, the International Monetary Fund (IMF) has raised concerns regarding the fiscal risks posed by SOE liabilities, which reached GH¢282 billion in 2024. The IMF identified heavy loss concentration, with ten entities accounting for 90% of total losses, led by the Electricity Company of Ghana. Furthermore, the IMF criticized the high level of political centralization in board and executive appointments, warning that such politicization could undermine professional oversight and accountability.
Entities
Alliance for Accountable Governance · Electricity Company of Ghana · Ghana · Ghana Gold Board · International Monetary Fund · Jane Naana Opoku-Agyemang · John Dramani Mahama · State Interests and Governance Authority
Claims
What the coverage asserts, and how many sources carry each claim.
- [DISPUTED] Ten state-owned enterprises recorded a combined net loss of GH¢8.8 billion in 2024. norvanreports.com · www.myjoyonline.com
- [● 2 SOURCES] The Electricity Company of Ghana accounted for 85% of the aggregate losses among the ten most loss-making SOEs. norvanreports.com · www.myjoyonline.com
- [DISPUTED] State-owned enterprises' aggregate net performance improved from a GH¢2.26 billion loss in 2024 to a GH¢19.8 billion profit in 2025.
- [● 2 SOURCES] Appointments to state-owned enterprise boards and management positions in Ghana remain highly political and centralized in the Presidency. asaaseradio.com · ghanaguardian.com
- [● 4 SOURCES] The government will no longer absorb the chronic financial losses of state-owned enterprises. myrepubliconline.com · opemsuo.com · dailyguidenetwork.com
- [○ 1 SOURCE] Only 72 of 148 expected chief executives have complied with signing performance contracts. myrepubliconline.com
- [○ 1 SOURCE] The Alliance for Accountable Governance has called for audits following the dissolution of nine state institution boards. chale.news
- [○ 1 SOURCE] GoldBod's net profit rose to approximately GH¢896 million in 2025 compared to GH¢178.5 million in 2024. www.adomonline.com