President John Dramani Mahama has issued a strong warning to Chief Executives of State-Owned Enterprises (SOEs), stating that he will not hesitate to sack them if they fail to deliver.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, President Mahama expressed concern over the misuse of SOEs for personal financial gain by individuals in leadership positions.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation,” President Mahama stated.
He attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritizing personal enrichment over organizational efficiency.
President Mahama pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them,” he said.
The President noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses.
He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
President Mahama reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatized, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
