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.