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Many SOEs Have Been Used as Mere Instruments for Personal Wealth Accumulation – Mahama
President John Dramani Mahama has expressed grave concern over the persistent misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
During a meeting with chief executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, President Mahama held SOE leadership accountable for the financial struggles of these institutions.
He accused chief executives, management teams, and governing boards of prioritising personal enrichment over operational efficiency and national development.
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He cited excessive spending, bloated budgets, and unjustified allowances as key factors depleting public funds, forcing SOEs to rely on continuous government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he stated.
President Mahama further referenced the 2023 State Ownership Report by SIGA, which exposed systemic inefficiencies, corruption, and financial mismanagement across various SOEs, contributing to their persistent financial distress.
Reiterating his commitment to reforming underperforming SOEs, President Mahama warned that loss-making enterprises would no longer be tolerated. He pledged to implement stringent measures, including mergers, privatisation, or outright closure of inefficient SOEs.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he declared.
The president’s firm stance underscores his administration’s intent to restore fiscal discipline, efficiency, and accountability within state-owned enterprises, ensuring they serve the national interest rather than personal gains.
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