President Mahama Vows to Revamp Loss-Making State-Owned Enterprises

Ghana’s President, John Dramani Mahama, has reaffirmed his commitment to shaking up loss-making State-Owned Enterprises (SOEs) and transforming them into profitable ventures. Speaking at a meeting with CEOs in Accra, President Mahama emphasized that his 2024 campaign promises and 120-day social contract with Ghanaians are not mere rhetoric.

The President cited the 2023 State Ownership Report, which revealed inefficiencies affecting many SOEs, including waste, underperformance, conflict of interest, and detachment from national interest. He attributed these issues to chief executives, management, and management boards, stating that some SOEs have become perpetual loss-makers, draining public funds and relying on government bailouts.

President Mahama underscored his administration’s determination to reset the nation’s economy, highlighting his first 120 days in office, which have laid the foundation for a new era of governance focused on efficiency, integrity, and tangible results. He mentioned implementing a lean government, confirming his cabinet ministers within 14 days, and publishing a strict code of conduct for public officials.

Key Takeaways:

Shake-up of Loss-Making SOEs: President Mahama vows to revamp inefficient state-owned enterprises.
120-Day Social Contract: The President reaffirms his commitment to his campaign promises and social contract with Ghanaians.
Economic Reset: President Mahama aims to reset Ghana’s economy, focusing on efficiency, integrity, and tangible results.