Mahama directs SoEs to Pay Dividends To Ghanaians

President John Dramani Mahama has charged boards and Chief Executives of State-Owned Enterprises to stop using profits to finance luxury and personal comforts, and rather turn gains into lasting value for Ghanaians.

Speaking at the 2026 Governing Boards and CEOs Conference organized by SIGA at Labadi Beach Hotel on Thursday, September 10, the President warned that persistent losses can no longer be absorbed by the national budget.

"You must not use profits that rightly belong to the Ghanaian people to finance the creature comforts of management and boards," Mahama said.

He said profitable enterprises must meet their dividend obligations because the returns on public investment ultimately belong to the people of Ghana.

According to the 2025 State Ownership Report covering 162 specified entities, SOEs moved from an aggregate net loss of GH¢2.26 billion in 2024 to a net profit of GH¢19.8 billion in 2025, while combined revenue grew from GH¢137.71 billion to GH¢176.43 billion.

Mahama, however, cautioned that GH¢11.72 billion of the improvement came from net foreign exchange gains and a 42.5% decline in finance costs, not stronger core operations.

"These results deserve commendation. They must, however, be sustained through stronger core operations. A one-year turnaround is encouraging, but sustained performance is the real test," he said.

He reminded CEOs that ports, power infrastructure, factories, water systems, pension funds and state shares did not belong to any government, board or CEO but were held in trust for Ghanaians, and that public ownership must produce public value.

By Regina Acquaye