In a move aimed at transforming state-owned enterprises (SOEs) into more accountable and profitable entities, Ghana's President John Dramani Mahama has announced that 10 SOEs are being prepared for listing on the Ghana Stock Exchange (GSE). This initiative is part of broader reforms to enhance governance, reduce political interference, and attract investment. According to President Mahama, the listing will enforce accountability and improve the overall performance of these enterprises.
Speaking at a side event titled “A Conversation with President John Dramani Mahama” in New York on September 25, 2026, President Mahama highlighted the need for reform in some state entities, citing poor work culture and entitlement mentality. He noted that currently, some state enterprises operate with a guaranteed monthly salary for employees, regardless of performance, leading to a lack of motivation and inefficiency. The President emphasized that listing these enterprises on the GSE would make them public companies, subject to stricter governance standards.
President Mahama pointed out that there has been a significant turnaround in the performance of SOEs. At the last State Interest and Governance Authority (SIGA) programme, it was reported that these enterprises collectively posted a net profit of almost GH¢19 billion, after years of collective losses. This improvement is attributed to efforts to enhance governance and management practices within these entities. The President identified 10 enterprises that have now been prepared for listing on the GSE.
One of the key benefits of listing SOEs on the GSE, according to President Mahama, is the reduction of political interference in their management. Ghana's democratic cycle, which sees parties alternate in power, often leads to the sacking of chief executive officers and dissolution of boards when a new government takes over. By listing these enterprises, such political interference will be minimized, ensuring continuity and stability in their operations.
President Mahama also highlighted the benefits of listing for Ghanaians, who will now have the opportunity to buy shares and benefit from the performance of these companies. He noted that the Ghana Stock Exchange has been one of the best-performing exchanges in Africa, bouncing back strongly with three Initial Public Offerings (IPOs) completed in record time. This makes it an attractive platform for investment, with some listed companies paying good profits.
In addition to discussing the listing of SOEs, President Mahama spoke about Ghana's investment climate, particularly the country's stable power supply and extensive coverage. He mentioned that Ghana has more than 90 per cent electricity coverage, making it an attractive destination for investors. The remaining 10 per cent of the population not yet connected to the national grid are in areas where grid extension is impractical, and the government is deploying green solutions such as solar and other off-grid options.
The availability of reliable power has been a key factor in the sharp rise in foreign direct investment (FDI) in Ghana, which increased from $640 million in 2024 to $2.6 billion by the end of 2025. President Mahama attributed this growth to the country's stable power supply and investor-friendly environment. He expressed confidence that Ghana's economy is on the right track, with positive indicators that suggest a bright future for investment and growth.
Key points
- President Mahama aims to improve governance and reduce political interference in state-owned enterprises by listing them on the Ghana Stock Exchange.
- The listing of SOEs is expected to attract investment and allow Ghanaians to benefit from the performance of these companies.
- Ghana's stable power supply and extensive coverage have contributed to a significant increase in foreign direct investment.
