Listing 10 SOEs will strengthen governance, limit political interference – Mahama

President John Dramani Mahama has announced plans to list ten state-owned enterprises (SOEs) on the Ghana Stock Exchange. This move aims to enhance corporate governance and shield the companies from political meddling. By introducing private investors, the government believes governance will change, making it harder for successive administrations to arbitrarily dismiss management or dissolve boards.

Mahama emphasized that the proposed listings are part of efforts to ensure state-owned companies operate with heightened accountability and concentrate on financial performance instead of relying on government support.

The State Interests and Governance Authority's 2025 State Ownership Report reveals that the SOE sector remains a significant pillar of Ghana's economy. The report covers 53 SOEs, joint venture companies, and other state entities, serving as a foundation for evaluating the financial and operational performance of state interests.

Despite the SOE sector's improved performance, Mahama highlighted a persistent issue where certain enterprises persistently demand higher salaries and bonuses despite weak financial results. To address this, he stressed the need for stronger governance structures to ensure management decisions align with the companies' actual performance.

Speaking at the Council on Foreign Relations in New York during the United Nations General Assembly, Mahama reiterated the government's commitment to the listed companies' listings, regardless of their performance improvements. He explained that listing more SOEs would make it more challenging for the government to interfere by removing management teams or dissolving boards.

Additionally, Mahama noted that the listings would provide Ghanaians, including those in the diaspora, with an opportunity to invest in state-owned enterprises through the Ghana Stock Exchange, thereby increasing public participation in owning state assets.