Ghana Business News

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Ghana’s State-Owned Enterprises Dividend Contributions Plunge 45.5% as Only Two Entities Pay Out

Dividend payments from Ghana’s State-Owned Enterprises (SOEs) to the government saw a sharp decline in 2025, falling by 45.5% compared to the previous year. According to the 2025 State Ownership Report, total dividends from the sector dropped to GHS 16.0 million, down from GHS 29.36 million in 2024. This modest sum represents a mere 0.92% of the GHS 1.746 billion in total dividend receipts collected by the government from all its investments, raising urgent questions about the financial health and profitability of the nation’s state-held assets. The report reveals a concerning lack of participation across the sector, with only two SOEs managing to remit dividends during the period under review. The Ghana Reinsurance Company Limited (Ghana Re) contributed GHS 13.0 million, while the Tema Development Company (TDC) Limited provided GHS 3.0 million. While these two entities maintained consistent returns, the absence of payments from dozens of other enterprises underscores a deepening crisis of cash-generating capacity within the broader SOE landscape. Analysts point to persistent operational hurdles and structural financial weaknesses as the primary drivers of this decline. Many enterprises are currently grappling with significant balance-sheet vulnerabilities and accumulated liabilities that hamper their ability to turn a profit. The report emphasizes that without addressing these core inefficiencies, the sector will continue to struggle with financial sustainability, ultimately placing a heavier burden on the national treasury rather than supporting it. To reverse this trend, the report calls for a comprehensive overhaul of corporate governance and operational efficiency across the sector. There is a specific emphasis on the role of the State Interests and Governance Authority (SIGA) to strengthen oversight and enforce stricter performance standards. Moving forward, improving the profitability of SOEs is seen as a critical component of national revenue mobilization efforts, necessary to bolster public investment returns and support the country's broader economic recovery goals under the current administration.

Mahama’s 24-Hour Economy Secretariat Mobilises GHS1 Billion for Poultry Sector Transformation
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Mahama’s 24-Hour Economy Secretariat Mobilises GHS1 Billion for Poultry Sector Transformation

In a major boost for President John Mahama’s flagship 24-Hour Economy policy, the 24-Hour Economy Secretariat and the Accelerated Export Development Authority (AEDA) have successfully secured over GHS1 billion in financing commitments to transform Ghana’s poultry value chain. This significant capital injection is designed to increase local production, generate sustainable employment, and drastically reduce the country’s heavy reliance on imported chicken. The initiative arrives at a critical time for the agricultural sector, as local production currently meets only about 4.6% of national demand, leaving the market overwhelmingly dependent on foreign imports. According to Mr. Arnold Parker, the Funding Team Lead at the 24-Hour Economy Secretariat, the financing strategy is a collaborative effort involving major private sector financial institutions, including ABSA, Fidelity Bank, and Ecobank. The first phase of the rollout targets GHS300 million, which will be utilized to provide customized financing solutions tailored to the unique needs of poultry farmers. This funding will support various segments of the value chain, from feed production and modern equipment procurement to processing facilities and expanded veterinary services, ensuring a holistic approach to industry growth. Beyond just production, the program aims to address historical bottlenecks by collaborating with research institutions to drive innovation and improve productivity. By strengthening the entire value chain, the Secretariat expects to create thousands of jobs for youth and professionals alike, while fostering an environment where poultry businesses can operate efficiently around the clock. The initiative also aligns with the nation’s broader export development goals, seeking to position Ghanaian poultry products as competitive options in the regional market. As the first phase of this billion-cedi mobilization begins to take effect, the government aims to shift the narrative of the poultry industry from one of import-dependency to one of self-sufficiency and export potential. This strategic investment under the 24-Hour Economy framework signals a committed effort to modernizing Ghana’s agricultural landscape and ensuring food security for the future. Stakeholders across the value chain are now looking toward the implementation phase as a turning point for domestic agribusiness and economic resilience.

Dr Samuel Kusi
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Ghana Prepares for Major 2026 Summits to Drive Service Excellence and Diaspora Investment

Ghana’s business landscape is preparing for a pivotal 2026, with two major international summits set to drive economic innovation and service excellence. The country is positioning itself as a hub for both organizational transformation and international trade through the upcoming 5th International Customer Service Summit (ICUSS) and the Ghana-Yorkshire Trade, Investment and Partnership Summit (GYTIPS). These events aim to move the national business discourse beyond traditional models, focusing instead on cultural discipline and the strategic utilization of diaspora expertise to fuel sustainable growth. Together, they represent a dual-track approach to strengthening the economy from both internal cultural shifts and external capital flows. The 5th ICUSS, scheduled for October 2, 2026, at the La-Palm Royal Beach Hotel in Accra, will coincide with the launch of Customer Service Week for Ghana and Africa. Founded by Priscilla M. Wellington, the summit addresses a critical intersection in the modern business world under the theme, "Beyond Technology: Why Culture and Attitude Decide AI ROI." Wellington emphasizes that while automation is accelerating, organizational culture remains the ultimate competitive advantage. The summit is designed to provide senior leaders with actionable frameworks to ensure that investments in Artificial Intelligence (AI) are supported by a service-oriented mindset that can navigate an increasingly automated global market. Complementing this focus on internal organizational health is a push to better integrate the Ghanaian diaspora into the national economy through the GYTIPS 2026 initiative. Dr. Samuel Kusi, an Assistant Professor at the University of Bradford, has highlighted the necessity of moving beyond remittances to leverage the professional expertise and investment capacity of Ghanaians living abroad. This summit will convene diverse stakeholders from Ghana and the United Kingdom to foster new trade connections and partnerships. Dr. Kusi advocates for a structured approach to harnessing the innovation and entrepreneurship of the diaspora to transform Ghana’s economic trajectory. These initiatives signal a maturing economic strategy that prioritizes both high-level professional standards and international cooperation. By focusing on the "soft" infrastructure of service culture and the "human" capital of the diaspora, Ghana aims to create a more resilient and innovative business environment. As registration opens for these milestone events, the private sector and academic partners are looking toward 2026 as a year to solidify Ghana’s position as a leader in African service excellence and a prime destination for sophisticated global investment.

Ghanaian Transport Operators Seek Fare Hikes Amid Record Global Diesel Prices and Geopolitical Tensions
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Ghanaian Transport Operators Seek Fare Hikes Amid Record Global Diesel Prices and Geopolitical Tensions

Commercial transport operators in Ghana have formally requested a review of public transport fares from the Ministry of Transport, citing a sharp rise in fuel prices and mounting operational costs. The Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC) are leading the push for the adjustment as the cost of petrol reaches GH"16.21 per litre and diesel climbs to GH"17.61 per litre. While the government currently provides a subsidy of GH"2 per litre on diesel to cushion the impact, transport unions argue that these measures are insufficient to offset the broader economic pressures facing the industry. The domestic price surge is closely linked to volatile international markets, where diesel prices in the United States have hit a record average of $5.85 per gallon. This spike, a significant jump from $3.71 just a year ago, is largely attributed to escalating tensions between the U.S., Israel, and Iran. The conflict has triggered a surge in wholesale oil costs, disrupting global supply chains and creating an inflationary ripple effect that is now being felt at Ghanaian pumps. Efforts to stabilize these global costs, including a reported oil deal with Venezuela aimed at developing new oil fields, have met with skepticism from market analysts regarding their immediate feasibility. As the Ministry of Transport prepares to engage in discussions with the GPRTU and GRTCC, the outcome remains a critical concern for the Ghanaian public. Rising transport fares historically lead to increased costs for food and basic commodities, potentially heightening the cost-of-living challenges under President John Mahama's administration. Both the government and transport unions have pledged to communicate the results of their upcoming negotiations to the public once a consensus is reached, as they seek to balance the sustainability of transport businesses with the welfare of Ghanaian commuters.

Xorse Godzi (left), CEO, Standard Chartered Bank Ghana PLC, presenting the dummy cheque to Kwesi Afreh Biney, Director-General of SSNIT
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Standard Chartered Pays GH¢97.8m Dividend to SSNIT as MIIF Targets Record GH¢9bn Mineral Royalties

Ghana’s financial and natural resource sectors are demonstrating robust performance as major institutions report significant revenue milestones. Standard Chartered Bank Ghana PLC has officially paid GH¢97.8 million in dividends to the Social Security and National Insurance Trust (SSNIT) for the 2025 financial year. This payment is part of a broader GH¢673.95 million dividend package approved during the bank’s 56th Annual General Meeting, which includes a final dividend of GH¢4.98 per ordinary share. The payout comes as the bank celebrates 130 years of operations in Ghana, tracing its roots back to the Bank of British West Africa in 1896. Standard Chartered CEO Xorse Godzi emphasized that the dividend distribution reflects the bank’s commitment to its stakeholders, particularly SSNIT, which plays a vital role in providing financial security for Ghanaian workers. SSNIT’s Director-General, Kwesi Afreh Biney, welcomed the payment, noting that such high-performing, dividend-generating holdings are central to the Trust’s investment strategy. These returns are essential for ensuring the long-term sustainability of the pension fund and the timely payment of benefits to retirees across the country. In a parallel boost to the national economy, the Minerals Income Investment Fund (MIIF) has announced an ambitious target to collect GH¢9 billion in mineral royalties by the end of 2026. This projection follows a stellar performance in the first half of the year, where the fund collected GH¢5.3 billion—a significant increase compared to the GH¢2.6 billion recorded during the same period in 2025. Despite legislative changes that have reduced royalty allocations from certain mining companies, MIIF’s strategic management has allowed it to exceed its collection targets and double its year-on-year revenue. The judiciary has also been identified as a key partner in safeguarding these economic gains. Chief Justice Paul Baffoe-Bonnie recently praised MIIF’s performance, stressing that judicial involvement is critical to the success of national economic development. MIIF leadership and the Chief Justice highlighted the need for closer collaboration to address the persistent threat of illegal mining, which undermines the sector's revenue potential. By strengthening the legal framework and enforcement surrounding mineral resources, the fund aims to maximize the wealth generated from Ghana’s natural assets. These combined developments highlight a period of significant fiscal activity within Ghana’s corporate and state-led investment sectors. The substantial dividend from Standard Chartered provides immediate liquidity to the national pension scheme, while MIIF’s record-breaking royalty targets signal a more aggressive and efficient approach to managing the nation’s mineral wealth. Moving forward, the synergy between financial institutions, state investment funds, and the judiciary will be pivotal in maintaining this momentum and ensuring that economic growth translates into tangible benefits for the Ghanaian public.

Stratcomm Africa Announces 14th Ghana Garden and Flower Show to Promote Green Business and Environmental Beauty
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Stratcomm Africa Announces 14th Ghana Garden and Flower Show to Promote Green Business and Environmental Beauty

The 14th edition of the Ghana Garden and Flower Show (GGFS) is set to take place from September 11 to 21, 2026, at the Efua Sutherland Children’s Park in Accra. Organized by Strategic Communications Africa Ltd. (Stratcomm Africa), the flagship event returns under the theme "Green Means Business, Beauty and More." This year’s show aims to underscore the critical intersection between environmental sustainability and economic growth, positioning gardening and horticulture not just as leisure activities, but as viable pathways for job creation and business development within Ghana's burgeoning green economy. The eleven-day event will feature a diverse lineup of activities designed to engage both industry professionals and the general public. Central to the business focus are the Horticulture Roundtable and the "Green to Riches" Conference, which will explore the financial potential of the green sector. Additionally, the show will host specialized masterclasses, workshops, and exhibitions where entrepreneurs can showcase innovative green products and services. To ensure a holistic community experience, the organizers have also scheduled various nightly entertainment events to complement the educational and commercial components of the festival. Ms. Esther A. N. Cobbah, the Chief Executive Officer of Stratcomm Africa, has been a leading voice in advocating for the integration of nature into modern Ghanaian lifestyles. She emphasized that the 14th GGFS serves as a platform to discuss greening as a substantial business opportunity that simultaneously enhances community well-being. By highlighting the aesthetic and commercial value of flora, the initiative seeks to encourage the public to leverage natural resources for sustainable development. Cobbah has invited businesses across all sectors to participate and explore how they can contribute to and benefit from this eco-conscious movement. As Ghana continues to navigate global environmental challenges, the Garden and Flower Show remains a pivotal forum for promoting eco-friendly practices and green entrepreneurship. The event is expected to attract a wide range of stakeholders, from landscape designers and florists to policy makers and environmentalists. By fostering a deeper appreciation for nature's beauty and its economic utility, the 14th GGFS aims to drive a national movement toward a greener, more prosperous future that balances environmental stewardship with commercial success.

Prof. Francis Kumi, explaining a point on agro-machinery
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Ghana Advances Agricultural Productivity through Striga Control and Machinery Standardization

Ghana’s agricultural sector is undergoing a dual push toward modernization and environmental resilience as stakeholders work to protect crop yields from biological threats while upgrading the technical standards of locally manufactured equipment. In a significant move to bolster food security, the Ministry of Food and Agriculture (MoFA) has joined forces with the Forum for Natural Regeneration (FONAR) to address the devastating impact of Striga, a parasitic weed commonly known as witchweed. Simultaneously, agricultural engineering experts are calling for a national framework to standardize agro-machinery fabrication to ensure the industry’s safety, reliability, and global competitiveness. The Upper East Region has become the focal point for the witchweed awareness campaign, launched under the theme "Healthy Soils, Living Trees, Smart Practices Starve Striga – Regreen to Reclaim." Targeting districts such as Nabdam, Talensi, and Bongo, where infestations have historically led to severe crop losses, the three-year initiative aims to educate farmers on the life cycle of the parasite and effective control methods. By promoting sustainable agricultural practices and soil restoration, MoFA and FONAR intend to reclaim infested land. The campaign utilizes community outreach and educational materials to teach farmers adapted techniques that can naturally suppress the weed and restore vital soil health. Complementing these field-level efforts is a growing movement to reform the industrial side of the agricultural sector. Leading experts, including Prof. Francis Kumi and Dr. Shadrack Kwadwo Amponsah, have voiced concerns over the current state of local agro-machinery manufacturing. While the domestic fabrication industry shows significant promise, it is currently hampered by inconsistencies in material quality, safety protocols, and hygiene standards. The experts argue that without clear, enforceable standards, the growth of the industry is at risk. They are advocating for the establishment of a National Centre for Agro-Machinery Research to oversee local manufacturing and ensure that Ghanaian-made equipment can meet the demands of both local farmers and international markets. These parallel developments signal a comprehensive approach to securing Ghana’s agricultural future. By addressing the soil-level challenges of parasitic weeds and the industrial challenges of machinery reliability, stakeholders aim to protect the livelihoods of smallholder farmers and enhance the nation's economic output. The success of these initiatives will depend on sustained cooperation between government agencies, research institutions, and local fabricators. Ultimately, these efforts seek to transform Ghana’s agricultural landscape into one that is not only more productive but also technically robust and environmentally sustainable.

MTN Ghana Urges Financial Discipline and Sustainable Growth for Entrepreneurs at 30th Anniversary Webinar
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MTN Ghana Urges Financial Discipline and Sustainable Growth for Entrepreneurs at 30th Anniversary Webinar

MTN Ghana, as part of its landmark 30th-anniversary celebrations, recently hosted a virtual financial literacy webinar aimed at empowering Ghanaian entrepreneurs and Small and Medium Enterprises (SMEs). The event, themed ‘Making Money Moves: Building a Financially Smart and Sustainable Business,’ brought together a panel of financial experts to provide actionable insights into cash flow management, digital payments, and long-term investment strategies. The session sought to address the common financial pitfalls that often hinder the growth and longevity of emerging businesses in the local market. A primary focus of the discussion was the necessity of establishing clear boundaries between personal and professional finances. Yaw Saifah of MobileMoney Fintech emphasized that the failure to separate these accounts often leads to a lack of visibility regarding a business's true health. Supporting this view, Paul Mante from EDC Investments cautioned entrepreneurs against the premature spending of business funds. He highlighted a critical distinction that many small business owners overlook: revenue is not the same as profit. Mante urged for greater patience in wealth creation, suggesting that reinvesting rather than spending early gains is essential for building a resilient enterprise. Addressing the impact of the broader economic climate, Desmond Bredu from Stanbic Investment Management Services encouraged business owners to adopt a proactive investment culture. He warned against the dangers of keeping capital idle, noting that inflation can quickly erode the value of cash reserves. Bredu advised entrepreneurs to start investing regardless of their current income size, emphasizing that financial discipline and consistent, small-scale investments are key to retaining earnings for future expansion. Collectively, the experts framed financial discipline not just as a survival tactic, but as a strategic foundation for long-term sustainability. By facilitating these discussions, MTN Ghana continues to position itself as more than a telecommunications provider, acting as a catalyst for economic empowerment. The webinar underscores the importance of digital tools and professional financial advice in helping SMEs navigate a complex economic landscape. As these businesses adopt more sophisticated management practices, the broader Ghanaian economy stands to benefit from a more stable and prosperous private sector.

CUTS raises competition concerns over cement manufacturers association uniform GH¢12 surcharge
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CUTS International Flags Potential Cartel Behavior in Cement Industry's Uniform GH¢12 Surcharge

CUTS International has sounded an alarm over potential anti-competitive practices within the Ghanaian cement industry after the Chamber of Cement Manufacturers, Ghana (COCMAG) announced a uniform GH¢12 per bag clinker demurrage surcharge. The surcharge, which applies to all member manufacturers, has raised significant red flags for the consumer advocacy and competition watchdog, which suggests the move may mirror cartel-like behavior. CUTS argues that while industry-wide challenges exist, a collective decision to impose an identical fee across the board undermines the principles of a free market and could unfairly penalize consumers. The surcharge was established during an emergency meeting on August 28, 2026, and is slated to remain in effect until December 31, 2026. COCMAG has defended the decision as a necessary response to mounting operational costs at the Tema Port, where increased vessel waiting times have led to significant demurrage charges for clinker imports. However, CUTS maintains that pricing strategies should remain independent, as different manufacturers operate with varying cost structures and efficiencies. By setting a flat rate, the association effectively removes the incentive for individual companies to compete on price, potentially shielding less efficient producers at the expense of the public. In light of these developments, CUTS is calling on the government to intervene by addressing the underlying operational bottlenecks at the Tema Port that triggered the surcharge. Beyond immediate logistics, the organization is advocating for the expedited development and enforcement of comprehensive competition laws in Ghana to prevent future price coordination and ensure a level playing field. Without a robust legal framework to govern market behavior, CUTS warns that such uniform pricing agreements could set a dangerous precedent for other sectors, ultimately weakening Ghana's economic competitiveness and consumer protections.

Energy Minister Jinapor and Ghana Gas CEO Blay Call for Massive Investment in African Petroleum and Gas Infrastructure
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Energy Minister Jinapor and Ghana Gas CEO Blay Call for Massive Investment in African Petroleum and Gas Infrastructure

At the 2026 Africa Oil Week (AOW) held in Accra, Ghana’s top energy officials issued a unified call for increased investment across the continent's petroleum and gas sectors. Dr. John Abdulai Jinapor, the Minister of Energy and Green Transition, and Judith Adjobah Blay, CEO of the Ghana National Gas Company Limited, emphasized that while Africa is rich in natural resources, the lack of robust infrastructure remains the primary bottleneck to achieving energy security and industrial growth. Both leaders highlighted the urgency of bridging the gap between supply and demand through strategic capital injection and regional cooperation. Dr. John Abdulai Jinapor focused his address on the critical need for investment in Ghana’s upstream petroleum sector. He argued that expanding exploration and production is essential for driving the nation’s industrialization agenda and creating sustainable jobs for the growing population. According to the Minister, securing the upstream sector is not merely a matter of resource extraction but a foundational requirement for long-term energy security and economic stability in a rapidly evolving global energy market. Complementing this vision, Ghana Gas CEO Judith Adjobah Blay stressed that the development of the continent's substantial gas reserves hinges on the expansion of midstream infrastructure. Speaking during a panel discussion, she pointed out that processing, transport, and distribution networks are currently inadequate to maximize the economic impact of gas. Ms. Blay urged for a collaborative approach involving African governments, national oil companies, and private investors to mobilize the capital necessary to build these vital connections, noting that such investments would unlock significant economic opportunities for Ghana and the wider region. The speakers concluded that Ghana’s advancements in the midstream gas sector could serve as a blueprint for regional cooperation across Africa. By fostering an environment conducive to investment and prioritizing the construction of cross-border energy infrastructure, the continent can transition from raw resource export to integrated domestic and regional value chains. The consensus at AOW 2026 was clear: leveraging Africa’s energy potential is the key to supporting industrialization and providing reliable power to millions across the continent.

Afetsi Awoonor — BOST, MD
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BOSTenergies Pays Historic First Dividend to Government as TOR and GOIL Strengthen Strategic Petroleum Ties

In a landmark development for Ghana's energy sector, BOSTenergies has paid its first-ever dividend to the government, marking a significant turnaround in its 33-year history. For the 2025 fiscal year, the company presented a GH"34.2 million dividend, representing 5% of its profit after tax. This financial milestone follows a period of aggressive growth under the current administration, with BOSTenergies reporting a 195% revenue increase from GH"1.29 billion to GH"3.81 billion. Profit after tax also saw a substantial rise, climbing from GH"398 million in 2024 to GH"684 million in 2025. Energy Minister Dr. John Abdulai Jinapor commended the company’s performance, noting that such fiscal discipline is essential for enhancing value for all Ghanaian citizens. Managing Director Afetsi Awoonor attributed the company’s success to robust growth strategies and a firm commitment to improving national energy security. This shift toward profitability is part of a broader revitalisation of state-owned enterprises within the petroleum value chain. Alongside BOST’s financial success, the Tema Oil Refinery (TOR) and the Ghana Oil Company Limited (GOIL) have deepened their commercial collaboration. This partnership aims to boost the supply and offtake of locally refined petroleum products, ensuring that the domestic market benefits from increased availability and price stability. TOR Managing Director Edmond Kombat highlighted that operational improvements at the refinery are being leveraged through these strategic partnerships to meet national transformation goals. GOIL CEO Edward Abambire Bawa further emphasised that closer cooperation between these state entities is vital for building resilience in the downstream sector and improving their collective market positions. These combined efforts between TOR, GOIL, and the high-performing BOSTenergies signal a coordinated approach to reducing reliance on imports and strengthening the local petroleum infrastructure. Looking ahead, BOSTenergies aims to sustain its growth trajectory and expand its market presence across the West African sub-region. The successful dividend payment serves as a blueprint for other state-owned entities, demonstrating that strategic management and operational efficiency can yield direct financial benefits for the state. As the government continues to prioritise energy security, the focus will remain on fostering synergy between these key institutions to ensure a stable and self-sufficient energy future for Ghana.

Experts Urge Rigorous Benchmarking and Corporate Governance Reform for Ghana’s State-Owned Enterprises
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Experts Urge Rigorous Benchmarking and Corporate Governance Reform for Ghana’s State-Owned Enterprises

Ghana’s State-Owned Enterprises (SOEs) are under intense scrutiny from legal and financial experts who argue that reported financial surpluses must be accompanied by robust corporate governance and performance benchmarking. While the sector reported a significant collective profit of GH¢19.80 billion for the 2025 financial year—a turnaround attributed to a stronger cedi and growth in the agricultural sector—experts warn that financial figures alone do not reflect the true health or efficiency of these institutions. This push for transparency comes as the State Interests and Governance Authority (SIGA) intensifies efforts to hold public entities accountable for their management and service delivery. Yaw Appiah Lartey, a partner at Deloitte and a legal professional, has highlighted that while the number of SOEs submitting audited financial statements has nearly doubled from 53 to 108, reporting is only the first step toward good governance. Speaking on JoyNews’ Newsfile, Lartey emphasized that SOEs must transition from mere compliance to active corporate governance by holding regular Annual General Meetings (AGMs). He advocated for SIGA to develop distinct performance metrics that differentiate between commercially oriented entities and those tasked with public service, ensuring that each enterprise is evaluated against its specific mandate rather than a one-size-fits-all financial standard. Complementing this view, private legal practitioner Noah Adamtey cautioned against the premature celebration of financial surpluses during a recent panel discussion. He argued that after years of operating at losses and requiring government bailouts, SOEs must prove their efficiency and output through a standardized benchmarking system. Adamtey noted that a surplus does not necessarily equate to good governance if the underlying service delivery remains poor or if the profit is not sustainable in the long term. He stressed that without measuring output against performance targets, the reported GH¢19.80 billion profit risks becoming a superficial indicator that masks persistent structural inefficiencies in certain sectors. The ongoing debate underscores a critical juncture for Ghana’s public sector management under the current administration. As SIGA continues to drive reforms, the focus is shifting from basic financial disclosure to a more holistic evaluation of how SOEs contribute to national development. Moving forward, the integration of AGMs, clear performance benchmarks, and a culture of transparency will be essential to ensure that these entities remain self-sustaining and do not return to the era of heavy reliance on the national treasury. The ultimate goal remains the transformation of SOEs into efficient, profit-making engines that provide quality public services while maintaining the highest standards of accountability.