In a high-level meeting with the Heads of Specified Entities (SEs) under the State Interests and Governance Authority (SIGA), the President of the Republic of Ghana, H.E. John Dramani Mahama, issued a resolute call for a reset of SEs to spearhead national transformation.
The meeting, which focused on strategies to revamp Specified Entities and eliminate financial mismanagement, saw President Mahama deliver a compelling keynote address. He emphasized that CEOs of State-Owned Enterprises (SOEs) bear significant responsibilities and directed them to contribute their utmost to reset their respective institutions. The President declared, “SOEs must deliver strategic value particularly in energy, transport, manufacturing, agriculture and finance to support Ghana’s industrialisation and the 24-hour economy initiative. Loss-making SOEs will no longer be tolerated. They will be swiftly reformed, merged, privatized, or shut down.”
To promote transparency and accountability, President Mahama announced the forthcoming publication of a strict code of conduct for public officials. He reminded CEOs of their obligation to declare their assets upon assuming office and upon exiting. The Director-General of SIGA was tasked with ensuring compliance, while the Auditor-General was instructed to submit a list of those who have complied by an agreed cut-off date. The President stated that non-compliance will attract sanctions, including possible removal from office.
President Mahama assured that under his leadership, Specified Entities will be transformed into engines of growth, with SIGA evolving from a passive observer to an empowered enforcer of national interest. SIGA will act as a command centre with executive authority to:
- Negotiate and enforce performance contracts with Specified Entities.
- Conduct regular in-depth assessments of SOE finances to ensure transparency and expose mismanagement.
- Issue binding directives, implement compliance mechanisms, and intervene directly in underperforming entities.
- Commission independent audits to identify inefficiencies and financial leakages.
- Set and monitor performance metrics with tangible consequences for non-performance.
In his welcome address, Prof. Michael Kpessa-Whyte, the Director-General of SIGA emphasized that the Authority is committed to fostering good governance, transparency, and accountability. He highlighted the importance of viewing good governance not only as a moral imperative but also as a business necessity. The Director-General stressed that SIGA’s relationship with SEs would be horizontal, not vertical—a partnership founded on shared responsibility, and a common goal of improving performance.
“We are not here to dictate but to collaborate,” Prof. Kpessa-Whyte stated, urging CEOs to take bold and decisive action to transform SEs into models of efficiency, and profitability. He further noted that these principles would be reflected in the Performance Contract Negotiations with SEs and other state entities for the 2026 Financial Year, set to be signed in December 2025.
The meeting was graced by the Deputy Chief of Staff of Operations, Hon. Nana Oye Bampoe Addo, the Minister for Finance, Hon. Cassiel Ato Forson, Mr. Taliercio O’Brien, World Bank Division Director for Ghana, Liberia, and Sierra Leone, and SIGA management.
