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March 20, 2026
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Let’s fix governance and performance gaps in SOEs – Experts
Money
Policy
Key Points
- The Ghanaian government has issued a renewed warning that loss-making State-Owned Enterprises (SOEs) will undergo reform, merger, privatization, or shutdown.
- Deputy Finance Minister Thomas Ampem Nyarko stressed that SOEs cannot continue to operate at a loss while paying bonuses, which should be tied to profits.
- Experts, including Professor Peter Quartey, attribute the persistent challenges in SOEs to structural and governance issues, particularly politically-driven CEO appointments.
- The State Interests and Governance Authority (SIGA) clarified it has declined bonus requests from SOEs that did not meet performance benchmarks, despite some entities citing unplanned government directives for social services as a cause for losses.
- Both experts advocate for comprehensive reforms, emphasizing merit-based leadership appointments, strict performance indicators, accountability, and proper financial accounting for government-mandated social interventions.
Why This Matters
Inefficient and loss-making State-Owned Enterprises (SOEs) represent a significant drain on Ghana's public finances, diverting funds that could be used for critical public services and development projects. Reforming these entities is crucial for fiscal sustainability, improving governance standards, and fostering a more productive and accountable public sector that contributes positively to the national economy rather than being a burden.
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