Accra: Professor Michael Kpessa-Whyte, the Director-General of the State Interests and Governance Authority (SIGA), has made a significant call for State-Owned Enterprises (SOEs) to ensure that their recent profitability gains are translated into public value. He emphasized the importance of translating these profits into dividend payments, stronger governance, and improved accountability to benefit the Ghanaian people.
According to Ghana News Agency, Prof. Kpessa-Whyte was addressing the 2026 Governing Boards and CEOs Conference in Accra. The conference, which gathered CEOs and board directors, focused on reflecting on the financial performance of the 2025 fiscal year. His remarks were in response to the strong financial performance of SOEs in 2025, as detailed in the 2025 State Ownership Report.
The report revealed that the sector achieved a net profit after tax of GHS19 billion, marking a significant recovery from previous years characterized by economic challenges and losses in key sectors. Of the 53 SOEs assessed, 34 reported profits, and total revenue rose to GHS176.4 billion, a 28.2 percent increase over the previous year.
Prof. Kpessa-Whyte attributed the improved performance not only to favourable economic conditions but also to sound governance and effective management. He emphasized the importance of adherence to performance fundamentals, cost control, and guided decision-making through performance contracts as key factors in the turnaround of several state enterprises. Notably, the infrastructure subsector recorded its first sector-wide operating profit in five years, and the Ghana Gold Board reported a net profit of GHS896.52 million in its inaugural year.
The Director-General highlighted the consistent profitability of 10 SOEs, including the Ghana National Petroleum Corporation and the Ghana Ports and Harbours Authority, over five consecutive years. He stressed that sustained profitability is achievable with proper governance and management practices.
Despite the improved financial performance, Prof. Kpessa-Whyte noted that the ultimate measure of success is the extent to which profits translate into public value. He pointed out that only two SOEs, Ghana Reinsurance Company and Tema Development Company, paid dividends to the government for their 2024 operations. However, he commended BOST Energies for declaring and paying dividends from its 2025 operations.
Prof. Kpessa-Whyte also expressed concerns regarding low compliance levels among some entities, noting that only 72 entities signed performance contracts in 2025, while 71 submitted quarterly reports on time. Additionally, only 37 entities held annual general or stakeholder meetings. He urged boards and chief executives to enhance compliance and accountability across the sector, emphasizing the impact of their decisions on performance, information accuracy, and risk management.
In conclusion, Prof. Kpessa-Whyte expressed optimism that future State Ownership Reports would not only reflect stronger profits but also improvements in governance, compliance, and public value creation within all specified entities.