President John Dramani Mahama has warned that the government will no longer use the national budget to cover persistent losses recorded by State-Owned Enterprises (SOEs), calling on their boards and management teams to improve efficiency, accountability and financial performance.
Speaking at a conference organised by the State Interests and Governance Authority (SIGA) at the La Palm Royal Beach Hotel, President Mahama said the government had reset its approach to managing state-owned enterprises and would demand greater accountability and value from institutions responsible for public assets.
He said SOEs must now operate with greater responsibility and accountability, stressing that their continued reliance on government funding to cover losses places an undue burden on the national budget.
“Persistent losses will no longer be quietly absorbed into the national budget,” President Mahama said.
According to the President, leadership positions in state-owned enterprises must be tied to measurable performance, value creation and profitability.
President Mahama reminded boards, chief executives and management teams that the assets under their stewardship ultimately belong to the people of Ghana.
He cited the country’s ports, power infrastructure, factories, water systems, pension funds, lands, buildings, equipment and government-owned shares as key public assets being managed on behalf of Ghanaians.
“These assets do not belong to any government, a board, or a chief executive. They belong to the people of Ghana, and you and I hold them only in trust for the people,” he said.
He said the central principle underpinning the conference was that public ownership must translate into tangible value for Ghanaians.
President Mahama therefore challenged every institution represented at the conference to provide clear and credible evidence of the value it had created for the Ghanaian people.