By Amoako Kwame
Banking consultant Dr Richmond Atuahene has raised concerns about the financial burden some state-owned enterprises (SOEs) place on the economy, following the government’s decision to transition to the International Monetary Fund’s (IMF) Policy Coordination Instrument (PCI).
Dr Atuahene argued that non-strategic SOEs should be privatised to prevent continued losses from worsening Ghana’s public debt burden.
His comments come after the successful completion of Ghana’s IMF Extended Credit Facility programme, after which the government announced plans to engage the Fund under the PCI framework.
Government officials have explained that the PCI is a non-financing arrangement that provides technical support, policy coordination and helps strengthen market confidence without direct financial assistance from the IMF.
They added that the arrangement is expected to support Ghana’s medium-term goal of attaining an investment-grade credit rating.
According to the government, achieving investment-grade status would reduce borrowing costs for both the public and private sectors, attract long-term investment, increase foreign direct investment inflows and improve access to more affordable financing for infrastructure and private sector growth.
Speaking in an interview with Bernard Avle on Channel One TV’s The Point of View on Monday, May 18, 2026, Dr Atuahene questioned why Ghana continues to retain loss-making state-owned enterprises.
“Some of the SOEs are making huge losses. Any losses from the SOEs translate into fiscal imbalances and public sector debt. We should be looking at some of the non-strategic SOEs and privatising them as soon as possible,” he said.
He cited GIHOC Distilleries Company Limited and state transport services as examples of enterprises he believes should be operated by the private sector.
“GIHOC, State Transport and others should all be in the private sector. Why are we spending money on them?” he asked.
Dr Atuahene argued that private transport operators appear to be more efficient than some state-owned alternatives.
He pointed to companies such as OA Travel and Tours and VIP Jeoun Transport as examples of successful private operators, while criticising inefficiencies in state-run transport services, including the inability to book tickets online.
He said reducing or eliminating some state-owned enterprises would improve efficiency and help curb the accumulation of public debt.
