Accra: President John Dramani Mahama has urged the boards and chief executives of state-owned enterprises (SOEs) to leverage their recent financial successes to create sustainable value for the people of Ghana. He emphasized that while improved profits and revenues are commendable, they must be translated into stronger operations, enhanced services, and tangible benefits for the citizens who are the ultimate owners of the state's assets.
According to Ghana Web, President Mahama, addressing the SIGA Governing Boards and CEOs' Conference 2026 at the Labadi Beach Hotel, reminded SOE leaders of their custodial role over the country's assets, including ports, power infrastructure, factories, and more. He reiterated that these assets belong to the Ghanaian people, and public ownership should yield public value.
The President called for clear evidence of the value created for Ghanaians by the institutions represented at the conference. Recalling a March 2025 meeting with chief executives, he highlighted a reset in the relationship between the government and state enterprises, emphasizing that persistent losses should not be passed to taxpayers through the national budget. He also urged the State Interests and Governance Authority (SIGA) to enhance its monitoring of ownership and performance.
President Mahama stressed that leadership positions in SOEs should be linked to measurable results and profitability. He noted that the latest State Ownership Report showed significant improvement in the overall performance of SOEs, with combined revenue rising from $137.71 billion in 2024 to $176.43 billion in 2025, marking a growth of about 28.12%. The sector also shifted from a net loss of $2.26 billion in 2024 to a net profit of $19.8 billion in 2025.
He cautioned against attributing all gains to management improvements alone, acknowledging the role of favorable foreign exchange conditions and reduced financing costs. Approximately $11.72 billion in net foreign exchange gains and a 42.5% reduction in aggregate finance costs contributed significantly to the improved performance. He urged managers to capitalize on these favorable conditions to strengthen their businesses sustainably.
President Mahama commended ten SOEs that consistently recorded net profits from 2021 to 2025, highlighting the Ghana National Petroleum Corporation (GNPC) for achieving the highest average annual profit of about $2.25 billion. Other consistently profitable entities included the Ghana Ports and Harbours Authority (GPHA), Minerals Income Investment Fund (MIIF), and BOSS Energy.
He emphasized that maintaining five consecutive years of profitability was commendable but urged institutions to strengthen governance and pursue greater value creation. Several other state enterprises also showed significant improvement in 2025, with the Tema Oil Refinery (TOR) achieving its first net profit in almost a decade and the Ghana Water Company Limited and Ghana Cocoa Board (COCOBOD) turning previous losses into substantial profits.
Despite these positive outcomes, President Mahama warned SOE managers against complacency, stressing that financial performance should be backed by stronger core operations and should not rely indefinitely on favorable economic conditions. He encouraged boards and chief executives to use the State Ownership Report to identify weaknesses, improve governance, and implement necessary reforms.
President Mahama concluded by emphasizing that a one-year profit should not be seen as a complete turnaround, urging leaders to focus on efficiency, good governance, and long-term sustainability to ensure Ghana's public assets continue generating meaningful value for its citizens.