The Deputy Minister for Finance, Thomas Nyarko Ampem, has called on State-Owned Enterprises (SOEs), to improve performance or risk dissolution.
Speaking on behalf of the Finance Minister, Dr. Cassiel Ato Forson, at a meeting with core stakeholders of State-Owned Enterprises and Specified Entities under the theme, Leveraging Public Assets For Shared Prosperity, Mr. Ampem said loss-making SOEs will no longer be tolerated under the government’s renewed push for efficiency and accountability.
He stated that the government has stabilized the economy and created favorable conditions for SOEs to perform, adding that “they are now running out of excuses for non-performance.”
Referencing earlier commitments by President John Dramani Mahama, he reiterated that under the ongoing economic reset agenda, underperforming enterprises will be reformed, merged, privatised, or shut down, with a strong emphasis on fiscal, governance, and performance discipline.
The Deputy Minister highlighted improvements in Ghana’s macroeconomic indicators, including a drop in inflation from 23.8 percent in January 2025 to 3.3 percent in February 2026, alongside increased currency stability and a reduction in the Bank of Ghana’s monetary policy rate.
He noted that while these gains provide a stable foundation, SOEs must now transition from being fiscal burdens to contributors to national revenue.
Mr. Ampem regretted the cost of inefficiencies within the sector, citing government spending of about $1.47 billion to address energy sector shortfalls, as well as continued losses by the Electricity Company of Ghana (ECG), which he said loses approximately 40 percent of power through technical and commercial inefficiencies.
In the financial sector, he disclosed that, the government recapitalized the National Investment Bank (NIB) and Agricultural Development Bank (ADB) with over GH¢1 billion in 2025, while also pursuing the conversion of COCOBOD’s GH¢5.8 billion legacy debt into equity.
These interventions, the Deputy Minister noted pose significant fiscal risks and must not continue unchecked.
He later commended three SOEs for improved performance in dividend payments, noting that GPHA, Ghana Reinsurance Company Limited, and TDC Ghana Limited, paid a combined GH¢329.34 million in dividends in 2025, a sharp increase from GH¢28.7 million in 2024.
Despite the improvement, he said consistency in performance and compliance remains a key concern.
Mr. Ampem further emphasized the need for strict adherence to reporting and governance requirements under the State Interests and Governance Authority (SIGA), warning that entities that fail to comply will face sanctions. Boards and management, he added, will be held accountable for failures in oversight and execution.
The Deputy Minister concluded by urging SOEs to operate with discipline, efficiency, and transparency, stressing that public enterprises must deliver value to the Ghanaian people or risk being dissolved.
The meeting attended by key government officials, including Vice President Her Excellency Jane Naana Opoku-Agyemang, brought together stakeholders to discuss how public enterprises can be repositioned to support national development.
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