President John Dramani Mahama
President John Dramani Mahama has issued a strong directive for a comprehensive reset of Specified Entities (SEs) under the State Interests and Governance Authority (SIGA) as part of efforts to drive national transformation and economic efficiency.
Speaking at a high-level meeting with the heads of SEs on March 13, 2025 in Accra, President Mahama emphasised the urgent need to revamp State-Owned Enterprises (SOEs) and eliminate financial mismanagement.
He called on SOE leaders to take full responsibility for their institutions and deliver strategic value in key sectors, including energy, transport, manufacturing, agriculture, and finance, to support Ghana’s industrialization and 24-hour economy initiative.
“Loss-making SOEs will no longer be tolerated. They will be swiftly reformed, merged, privatized, or shut down,” President Mahama declared.
As part of efforts to enhance governance and accountability, President Mahama announced the introduction of a strict code of conduct for public officials.
He reiterated the obligation for CEOs of SOEs to declare their assets upon assuming office and upon exiting.
“The Director-General of SIGA has been tasked with ensuring compliance, while the Auditor-General has been directed to submit a list of those who have met this requirement by a specified deadline,” he added.
The President also warned that non-compliance would attract sanctions, including potential removal from office.
Under President Mahama’s leadership, SIGA is set to transition from a passive observer to an empowered regulatory body with executive authority to:
• Negotiate and enforce performance contracts with Specified Entities.
• Conduct regular in-depth financial assessments to promote transparency and expose mismanagement.
• Issue binding directives, implement compliance mechanisms, and intervene directly in under-performing entities.
• Commission independent audits to identify inefficiencies and financial leakages.
• Establish and monitor performance metrics with tangible consequences for under-performance.
Meanwhile, the Director-General of SIGA, Prof. Michael Kpessa-Whyte in his remarks reaffirmed the Authority’s commitment to good governance, transparency, and accountability.
He underscored the importance of treating good governance not only as a moral imperative but also as a business necessity.
“We are not here to dictate but to collaborate,” Prof. Kpessa-Whyte stated, emphasising SIGA’s partnership approach with SEs.
Kpessa-Whyte urged CEOs to take bold and decisive steps to transform their entities into models of efficiency and profitability.
He also highlighted that the principles of accountability and performance improvement would be central to the Performance Contract Negotiations with SEs for the 2026 Financial Year, set to be signed in December 2025.
The meeting was attended by key government and international stakeholders, including Deputy Chief of Staff for Operations, Nana Oye Bampoe Addo, Minister for Finance, Dr. Cassiel Ato Forson, and Taliercio O’Brien, World Bank Division Director for Ghana, Liberia, and Sierra Leone, alongside senior SIGA officials.
MA
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