The Acting Director-General of the State Interests and Governance Authority (SIGA), Prof. Michael Kpessa-Whyte, has highlighted several State-Owned Enterprises (SOEs) that have consistently recorded financial losses in recent years.
His remarks bring renewed attention to the performance of these entities and their impact on the national economy.
Speaking on the matter, Prof. Kpessa-Whyte emphasized the urgent need for reforms to improve the efficiency and profitability of these SOEs.
He noted that despite their strategic importance to Ghana’s economy, many continue to drain public resources due to poor financial management, inefficiencies, and governance challenges.
State-Owned Enterprises play a crucial role in sectors such as energy, transportation, manufacturing, and agriculture.
However, a number of them have been unable to break even, accumulating debts and relying heavily on government bailouts.
According to Prof. Kpessa-Whyte, these losses, not only burden the state budget but also hinder economic progress by diverting resources from other critical areas like education, healthcare, and infrastructure.
“We cannot afford to allow these enterprises to continue running at a loss. It is time for a comprehensive review of their operations, financial discipline, and governance structures,” he stated.
Prof. Kpessa-Whyte stressed that addressing these financial losses requires a multi-pronged approach, including: Stronger oversight and accountability in financial management, Improved corporate governance to eliminate inefficiencies and corruption, Public-private partnerships (PPPs) to inject capital and expertise, and Performance-based management systems to ensure productivity and sustainability.
He further indicated that SIGA will work closely with relevant stakeholders to implement necessary reforms and hold leadership of these enterprises accountable.
The government, through SIGA, is expected to conduct a thorough review of the struggling SOEs and develop actionable strategies to revive them.
This could include restructuring, privatization, or liquidation of non-performing entities.
Prof. Michael Kpessa-Whyte’s revelations have reignited discussions on the efficiency and accountability of SOEs in Ghana.
The Acting Director-General of the State Interests and Governance Authority (SIGA), Prof. Michael Kpessa-Whyte, has assured the general public that decisive action will be taken to turn these enterprises around and prevent further financial drain on the state.
Story by Freedom Lavoe.
