President John Dramani Mahama has issued a caution to heads of state agencies to match the pace of reset or step aside if they fail to produce their performance reviews in 2026.

He noted that the era of impunity, mediocrity and financial recklessness should end to collectively create the route of economic recovery for the betterment of the country.

“"If you're not matching the pace of the reset agenda, you might be asked to step aside as I expect something completely different from you in terms of executing your duties,” he said.

Speaking at a meeting with SOE CEOs, organised by the State Interests and Governance Authority (SIGA), on March 13, 2025, President Mahama stressed that his government will no longer tolerate financial mismanagement and inefficiencies within state enterprises.

The president pointed to the 2023 State Ownership Report, which highlighted widespread inefficiencies among state entities, with some performing at their worst levels since the beginning of Ghana’s Fourth Republic.

Mahama stated that loss making SOEs will not be tolerated and would ensure that state-owned enterprises run efficiently and insist on reforming, merging, privatising loss-making ones or shut them down.

He stated that the government would negotiate and enforce performance contracts with heads of entities, conduct regular in-depth assessment of SOE’s finances for transparency and exposing mismanagement, issue binding directives, implement compliance mechanisms, and intervene directly in under-performing entities.

He emphasised that SOEs, such as the Electricity Company of Ghana (ECG), the Ghana Grid Company, the Ghana Water Company, the Ghana Cocoa Board, and the Ghana National Petroleum Corporation must play stronger roles in driving economic development.

“Our SOEs must drive industrialisation, create jobs, and expand economic opportunities.

“They must deliver real value, particularly in energy, transport, manufacturing, agriculture, and finance,” he said.

To enhance accountability, Mahama announced reforms granting SIGA greater powers to enforce performance contracts with SOE leadership, conduct financial assessments to ensure transparency, issue binding directives to struggling entities, commission independent audits to track financial efficiency, and impose consequences for poor performance.

He warned against complacency, stating that financial recklessness and poor management would not be excused.

He directed all SOE CEOs to submit audited financial statements by April 30.

VA/AE

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