ACCRA, Ghana, 10th September: President John Dramani Mahama has expressed concern over persistent financial weaknesses within sections of Ghana’s state-owned enterprise portfolio, revealing that other state entities recorded an aggregate deficit of GH¢10.48 billion in 2025.
He said five state-owned enterprises recorded losses in every year between 2021 and 2025, while the combined liabilities of some state entities continued to exceed their net assets.
Addressing the 2026 Annual Governing and CEOs Conference of the State Interests and Governance Authority (SIGA) at the Labadi Beach Hotel in Accra, President Mahama said the situation required urgent corrective action from boards, SIGA, sector ministries and the Ministry of Finance.
He said the government could not allow isolated success stories within the state sector to conceal persistent weaknesses elsewhere.
“Our objective is to move from isolated success stories to system-wide institutional improvement,” the President stated.
According to the 2025 State Ownership Report, state-owned enterprises held assets worth GH¢407.85 billion against liabilities of GH¢282 billion.
Joint venture companies held assets of GH¢96.69 billion and liabilities of GH¢82.7 billion, while other state entities held assets of GH¢341.6 billion against liabilities of GH¢382.75 billion.
The latter category, he said, therefore had a negative net position exceeding GH¢41 billion.
President Mahama said the figures should compel institutions to take urgent measures to improve their financial health and reduce their exposure to fiscal risks.
He stressed that state enterprises were not established merely to maintain offices, pay salaries or preserve institutions indefinitely.
According to him, commercial entities must be efficient, competitive, financially sustainable and capable of generating appropriate returns, while public service entities must deliver measurable social and economic value through reliable services and effective regulation.
The President said the true test of a state institution is not whether it was busy but whether its activities improved the lives of farmers, traders, workers, entrepreneurs and students.
He also revealed that recoverable irregularities identified by the Auditor-General declined from GH¢15.57 billion to GH¢2.24 billion, representing an 85.6 per cent reduction.
While commending the improvement, President Mahama said GH¢2.24 billion remained substantial public money that must be recovered and protected.
He consequently charged boards to improve revenue, reduce costs, manage debt and eliminate structural inefficiencies before they become fiscal risks.
He further urged institutions to modernize their operations, automate processes, improve data systems and remove bureaucratic bottlenecks that frustrate citizens and businesses.
President Mahama said public assets must be protected and used to create value for the Ghanaian people, stressing that every board and chief executive must ultimately account for the value created with the resources entrusted to them.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/ Presidential Affairs Correspondent | Ghana 🇬🇭