President John Dramani Mahama has said while profits recorded by some State-Owned Enterprises (SOEs) in 2025 is encouraging, sustained performance remains the key test of the government’s efforts to reform the sector.
He warned that persistent financial losses by SOEs can no longer be quietly absorbed into the national budget, insisting that state ownership must deliver measurable value to Ghanaians.
Speaking at the SIGA Governing Boards and CEOs Conference 2026 on Thursday, September 10, the President said every state-owned institution must be able to demonstrate the value it creates for the Ghanaian people.
“One-year turnaround is encouraging but sustained performance is the real test. Progress by a number of entities cannot mask the persistent weaknesses across the general portfolio,” President Mahama said.
“State ownership must produce public value. Every institution represented here must demonstrate with credible evidence the value that it has created for the Ghanaian people,” he stated.
President Mahama recalled that during his engagement with chief executives in March 2025, he made it clear that government was resetting its relationship with state-owned enterprises.
He said the government had made a deliberate decision to link leadership and performance in state enterprises to measurable outcomes, including value creation and profitability.
“I said that persistent losses could no longer be quietly absorbed into the national budget and that SIGA must become an effective ownership and performance institution and that leadership should be tied to measurable value and profit,” he said.
He stressed that the government would continue to demand greater accountability, efficiency and measurable performance from institutions operating under state ownership.
He disclosed that five SOEs recorded losses in every year between 2021 and 2025, describing the trend as a concern that requires urgent attention.
President Mahama’s comments come on the back of the SIGA report which indicated that the SOE sector recorded a significant financial turnaround in 2025, with total revenue across the SOE sector increasing by 28.12% to GH¢176.43 billion, up from GH¢137.64 billion in 2024.
According to the report, SOEs broke a four-year cycle of consolidated net losses, posting a GH¢19.80 billion net profit after tax, compared with a GH¢2.25 billion net loss recorded in 2024.
The growth in the sector was driven largely by the agricultural, manufacturing and infrastructure subsectors, which recorded revenue increases of 203.71%, 114.74% and 92.24%, respectively.
The improved revenue performance also translated into stronger operating results, with Profit Before Interest and Tax (PBIT) rising to GH¢25.49 billion in 2025.
