President John Dramani Mahama of Ghana has announced plans to list 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange. This move aims to strengthen corporate governance and limit political interference in the management of these companies. The announcement was made at the Council on Foreign Relations in New York, on the sidelines of the United Nations General Assembly. President Mahama emphasized that this initiative will introduce greater accountability in the management of SOEs.
Historically, some state-owned companies in Ghana have operated without sufficient emphasis on financial performance. Employees have demanded salary increases and bonuses even when their organisations were recording losses. President Mahama highlighted this issue, stating that it is a challenge the government is working to address. The President's comments underscore the need for reforms in the management and ownership structures of SOEs.
The financial performance of SOEs in Ghana has improved following reforms implemented through the State Interests and Governance Authority (SIGA). According to SIGA's 2025 State Ownership Report, the sector registered a combined net profit of nearly GH¢19 billion in the latest reporting period. The report puts the sector's net profit after tax at GH¢19.8 billion. This improvement in financial results is a positive development for Ghana's economy.
Despite the improved financial results, President Mahama emphasized that the government remains committed to listing 10 SOEs on the Ghana Stock Exchange. The goal is to reform their management and ownership structures, with a focus on better corporate governance and limiting political influence. The President identified these as key reasons for the planned listings.
Listing SOEs on the Ghana Stock Exchange will make it difficult for governments to arbitrarily change their management structures. President Mahama explained that this will reduce political interference in those state-owned enterprises. By listing more companies, the government will be able to minimize its influence over the management and boards of these enterprises.
The planned listings will also give Ghanaians, including members of the diaspora, an opportunity to acquire shares in state-owned companies through the local stock market. This initiative is part of broader efforts to improve the performance, accountability and governance of Ghana's state-owned enterprise sector. The Ghana Stock Exchange has previously engaged SIGA on potential listings and capital-raising opportunities.
The President's announcement is a significant development in Ghana's efforts to reform its state-owned enterprise sector. The listing of 10 SOEs on the Ghana Stock Exchange is expected to have a positive impact on the country's economy. It will promote good governance, accountability, and transparency in the management of these enterprises.
Key points
- President Mahama aims to list 10 state-owned enterprises on the Ghana Stock Exchange to strengthen corporate governance and limit political interference.
- The financial performance of SOEs in Ghana has improved, with a combined net profit of nearly GH¢19 billion in the latest reporting period.
- The planned listings will give Ghanaians an opportunity to acquire shares in state-owned companies through the local stock market.
