Mahama Blasts SOE Leaders for Personal Enrichment Over Efficiency

President John Dramani Mahama has voiced his concern about the exploitation of State-Owned Enterprises (SOEs) for personal financial gain by those in leadership roles.

In a meeting with Chief Executives of entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly blamed the leadership of these enterprises for their poor performance, accusing CEOs, management teams, and governing boards of prioritizing personal wealth over the efficiency of the organizations. He highlighted issues such as inflated budgets, unjustified allowances, and unnecessary spending as key factors depleting public funds, while SOEs continue to rely on government bailouts.

“Many SOEs have become mere tools for personal enrichment by appointees. The CEOs, management, and boards of these organizations are responsible for this situation. Some SOEs are chronic loss-makers, draining public resources with excessive budgets, unwarranted allowances, and unnecessary expenses, all while depending on government bailouts as if they are entitled to them. Many of these enterprises are at their lowest point in the history of the Fourth Republic,” he stated.

President Mahama also pointed out that inefficiencies, corruption, and mismanagement have been major issues within many SOEs, contributing to their continuous financial losses. He referenced the 2023 State Ownership Report by SIGA, which uncovered systemic inefficiencies and wasteful expenditures within these organizations.

The President reiterated his commitment to reforming underperforming SOEs to ensure they better serve the nation’s interests. He issued a stern warning that loss-making SOEs would no longer be tolerated and could face merger, privatization, or closure.

“I will evaluate your performance. If you fail to meet the expectations of the reset agenda, you may be asked to step aside. If that adds to the horror story, so be it,” he concluded.