Accra: The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has spearheaded an initiative for State-Owned Enterprises (SOEs) to significantly reduce their dependency on government funding. This strategic move aims at fostering financial independence, operational efficiency, and the capacity for SOEs to independently raise funds for their activities and large-scale projects.
According to Ghana Web, Gyamfi announced this commitment on behalf of SOE leaders during a conference organized by the State Interests and Governance Authority (SIGA) on September 10, 2026. He emphasized that SOEs are set to gradually minimize their reliance on government subventions, government-backed loans, and other state support mechanisms. Instead, these enterprises are encouraged to pursue sustainable fundraising avenues, such as forming partnerships with private investors and utilizing market-based financing alternatives.
For significant projects, the CEO outlined that SOEs will explore public-private partnerships, blended finance, and infrastructure bonds as potential funding sources. Gyamfi highlighted that every major investment will undergo rigorous feasibility analysis, independent due diligence, and risk assessment, along with transparent capital returns reporting.
Furthermore, Gyamfi called for enhanced spending control, effective budgeting, and improved financial management to curtail wasteful practices and bolster financial performance. He stressed the importance of strengthening accountability by ensuring that boards focus on oversight while management handles the day-to-day operations of the companies.
The CEO also stated that SOEs must adhere to SIGA's stipulations, including timely signing of performance contracts and submission of required reports. He cautioned that persistent underperformance by companies would result in actions aligned with the SIGA Act. The new strategy will also prioritize combating corruption, managing conflicts of interest, and preventing undue interference in the SOEs' operations.
Gyamfi concluded by asserting that SOEs must build robust institutions, enhance risk management, and fortify internal controls to ensure sustained success beyond individual leadership tenures.