By: Celestine Avi and Seth Eyiah
President John Mahama has challenged every board chairperson and chief executive of a State-Owned Enterprise, SOE, to answer one fundamental question: “What additional value did your institution create for Ghana this year?”
Speaking at the Governing Board and CEOs Conference in Accra, the President urged public institutions to demonstrate their contribution through measurable results in profitability, job creation, infrastructure, service delivery and national development.
The challenge comes against years of concerns over persistent losses, mounting liabilities, weak returns on public investments, poor financial reporting and the continued dependence of some state enterprises on government support.
President Mahama stressed that public assets belong to the Ghanaian people and are held in trust by government, boards and management. He therefore insisted that public ownership must translate into tangible value for citizens.
He noted, however, that the 2025 State Ownership Report showed a significant improvement in the overall performance of SOEs, with combined revenue rising from GH¢137.71 billion in 2024 to GH¢176.43 billion in 2025. Aggregate net losses also turned into a net profit of GH¢19.8 billion.
The President cited the turnaround at the Tema Oil Refinery, Ghana Water Company Limited and COCOBOD as evidence that state enterprises can become financially viable when properly managed.
He cautioned that the national budget cannot continue to serve as a permanent cushion for inefficient enterprises, as resources used to sustain loss-making entities could otherwise support schools, hospitals, roads and social protection.
President Mahama directed boards and CEOs to take performance contracts seriously and ensure that their institutions deliver measurable results.
He warned that while strong performance would be rewarded, persistent underperformance would attract consequences, including leadership changes where necessary.
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