Mahama says listing 10 state-owned enterprises will curb political interference

President John Dramani Mahama says the planned listing of 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange will strengthen corporate governance and help limit political interference in the management of the companies.

Speaking at the Council on Foreign Relations in New York on the sidelines of the United Nations General Assembly, President Mahama said bringing the enterprises onto the stock market would introduce greater accountability and make it more difficult for governments to arbitrarily change their management structures.

He noted that some state-owned companies had historically operated without sufficient emphasis on financial performance, with employees demanding salary increases and bonuses even when their organisations were recording losses.

“Even when they’re making losses, they’re asking for salary increments and asking for bonuses when you’ve made a loss,” he said.

President Mahama said the financial performance of SOEs had improved following reforms implemented through the State Interests and Governance Authority (SIGA).

According to him, the sector, which had previously recorded significant losses, registered a combined net profit of nearly GH¢19 billion in the latest reporting period. SIGA’s 2025 State Ownership Report puts the sector’s net profit after tax at GH¢19.8 billion.

Despite the improved financial results, the President said government remained committed to listing 10 SOEs on the Ghana Stock Exchange as part of efforts to reform their management and ownership structures.

He identified better corporate governance and limiting political influence as key reasons for the planned listings.

“One, because we want to improve their governance. And two, because we want to reduce political interference in those state-owned enterprises. If we list more of these companies, it makes it difficult for government to interfere and sack the management and dissolve the boards and all that,” he said.

The President further said the listings would give Ghanaians, including members of the diaspora, an opportunity to acquire shares in state-owned companies through the local stock market.

The initiative forms part of broader efforts to improve the performance, accountability and governance of Ghana’s state-owned enterprise sector, with the Ghana Stock Exchange having previously engaged SIGA on potential listings and capital-raising opportunities.