Sustained performance is your real test, not one-year turnaround – Mahama to SOEs

President John Dramani Mahama has challenged the leadership of state-owned enterprises (SOEs) to sustain improvements in their performance, noting that a one-year turnaround will not be enough to demonstrate lasting success.

The President's comment comes on the back of the latest 2025 State Ownership Report by the State Interests and Governance Authority (SIGA) provides some context to the President’s remarks.

The report, which covers 162 specified entities, including 53 SOEs, found that the SOE sector recorded a significant turnaround in 2025, with revenue rising to GH¢176.43 billion, from GH¢137.64 billion in 2024.

Net profit after tax also moved from a GH¢2.25 billion loss in 2024 to a GH¢19.80 billion profit in 2025.

Speaking at the SIGA Governing Boards and CEOs Conference in Accra on Thursday, September 10, he acknowledged the improved results recorded by some state entities, particularly in the gold trade.

The President , however, cautioned against attributing such gains solely to a favourable business environment or movements in the exchange rate.

He said the gains must instead be consolidated through stronger core operations and sustained improvements in efficiency and profitability.

“These results deserve commendation. They must, however, be sustained through stronger core operations and cannot depend indefinitely on just a better business environment and the exchange rate movements," the President said.

He stressed, "A one-year turnaround is encouraging, but sustained performance is the real test.”

The President further cautioned that improvements by some entities should not obscure persistent weaknesses across the broader state-owned enterprise portfolio.