CSTS partners GIMPA Law, SIGA, IoD-Ghana for high-level dialogue on Corporate Governance in SOEs

A high-level forum of experts has called for sweeping reforms across Ghana’s state-owned enterprises (SOEs), warning that weak governance continues to undermine national development. 

The gathering of leading policymakers, governance specialists, and industry figures—held on Thursday, November 13, 2025, at the Dr McKorley Moot Court Room of the GIMPA Law School—painted a clear picture: transforming SOEs is no longer optional but essential for Ghana’s economic future.

Convened under the theme “Strengthening Corporate Governance of State-Owned Entities: Opportunities and Challenges”, the discussion forms part of the broader Corporate Governance Series, a platform of the CSTS dedicated to advocacy on promoting accountability and transparency in governance across Ghana’s institutions.

Mr. Joseph Sarpong, Head of Governance, Risk, and Compliance at the State Interests and Governance Authority (SIGA), provided a data-rich overview of the state of SOEs in Ghana. He revealed that SIGA currently oversees 53 SOEs and joint ventures with combined assets of GHS 777.7 billion, which is equivalent to more than 70% of Ghana’s 2024 nominal GDP. Of this, SOEs alone hold GHS 395.2 billion, a figure that has grown by 22.52% since 2023.

Mr. Sarpong noted that the energy sub-sector dominates the asset base, with ECG, VRA, GNPC, and BPA controlling nearly 70% of total SOE assets. Despite this enormous economic footprint, he highlighted significant challenges, including weak corporate governance, lack of standardised reporting systems, political interference, and persistent financial losses creating fiscal risks for the state. Reporting lapses, such as submitting management accounts instead of full audited statements, have further obscured transparency.

Moderator Gertrude Amorkor Amarh then guided a panel of distinguished experts through a detailed diagnosis of the sector’s structural weaknesses.  Dr. Alfred Mahamudu Braimah, CEO of the Institute of Directors Ghana, called for stronger audit regimes and consistent annual reporting to tackle the financial leakages that continue to drain public resources. He urged SOEs to adopt robust governance frameworks capable of promoting long-term sustainability.

Adding a leadership and cultural dimension, Professor Albert Puni of UPSA emphasised that governance failures often stem from poorly trained boards and inadequate leadership development. He warned that without addressing these internal weaknesses, reforms may struggle to gain traction. This point was reinforced by management consultant Mr. E. Yao Klinogo of KNG & Associates, who identified deep-seated skill mismatches and unclear institutional mandates as core drivers of inefficiency within many SOEs.

Despite these obstacles, panellists agreed that SOEs remain strategically critical to Ghana’s development. Their control of key national assets and essential public services means that meaningful reform could significantly boost economic growth and reduce fiscal pressures. Compliance data from SIGA, however, shows that many SOEs continue to fall short of reporting obligations, making the need for reform even more pressing.

The experts outlined several key opportunities for improvement. These included stronger adoption of SIGA governance guidelines, enhanced transparency, capacity-building for board members, and the integration of digital systems for streamlined reporting and oversight. They also emphasised the importance of clearly distinguishing policymaking from operational management and aligning Ghana’s governance standards with global benchmarks like the OECD principles.

To fully harness these opportunities, the forum issued a series of recommendations. These included tightening legal and regulatory frameworks, enforcing compliance across all SOEs, conducting regular performance reviews, and ensuring the transparent publication of audited reports. Crucially, panellists emphasised the need for professional, merit-based appointments to SOE boards—urging a decisive break from politically motivated selections. They also called for reduced political interference in operational affairs to foster greater managerial autonomy. A stronger system for rewarding effective staff and sanctioning underperformance was also proposed as essential for achieving lasting change.

The event concluded with a strong commitment from all stakeholders to support comprehensive reform within the SOE sector. The message was unequivocal: if Ghana takes bold, sustained action to strengthen corporate governance of its state-owned enterprises, they can become more transparent, efficient, and profitable, unlocking far-reaching benefits for the economy and the nation as a whole.

About CSTS Ltd.

The Corporate Secretarial and Training Services (CSTS) Ltd. is an organisation incorporated in Ghana in 2015 that has, as one of its core pillars and services, dedication to the promotion of good corporate governance practices in firms. The Institute aims to become a leading centre for corporate governance research, advocacy, and training in Ghana, contributing to the development of a robust and sustainable corporate governance framework in the country. The mission of the CSTS is to promote good corporate governance practices in Ghana through research, advocacy, and training. CSTS also offers consultancy services to organisations seeking to improve their corporate governance practices. It also provides incorporation and statutory compliance services to businesses.