The government has been asked to act swiftly to redeem itself and the current bad image of State-Owned Enterprises.

According to a civil society organisation, United Voices for Change (UVC), an immediate intervention by government will help to address the losses that have beguiled some SOEs for years.

Citing the Ghana Cocoa Board (COCOBOD), Ghana Water Company Limited (GWCL), Electricity Company of Ghana (ECG), and Ghana Airport Company Limited (GACL) as some struggling state enterprises, the group demanded the immediate removal of their chief executive officers.

At a press conference in Kumasi held under the theme: "State-Owned Enterprises at the Mercy of Looting Brigades: Heads Must Roll"," the Convener of UVC, Slyvestine Ronald, presented data to back their demand.

"COCOBOD, a vital player in Ghana's agricultural sector, has been recording substantial losses over time… The losses that began in 2016 are ballooning by the years, reaching GHS 2.44 billion in 2021.

"Also, the Ghana Water Company Limited, responsible for providing safe and reliable water services to the population, has equally faced significant challenges. A company that had made a profit of GHS 101.14 million in 2016 has been turned into a loss-making machine, registering losses of GHS 692.2 million in 2017, GHS 667.9 million in 2018, and a staggering GHS 2.6 billion in 2019.

"In 2020, the company made losses to the tune of GHS 939 million, although its revenues in that year had increased to GHS 1.3 billion from GHS 902 million in the previous year.

"Furthermore, ECG, tasked with providing electricity to the nation, has also experienced a decline in performance. The company reported a loss of GH¢1.914 billion in 2021, having made a profit of GHS 181 million in the previous year. The company also made losses of GHS 1.47 billion and GHS 2.27 billion in 2019 and 2018 respectively. This demonstrates a clear failure of leadership and a lack of accountability within the organization.

"The Ghana Airport Company is another culprit. The company has consistently made losses since 2019. From losses of GHS 231.34 million in 2019, the losses almost doubled in 2020, reaching GHS 434.77 million. In 2021, the company’s losses were a little over GHS 252 million," the group highlighted.

The CSO also noted the role SOEs can play in a growing economy, including the number of people it can employ and the infrastructure advancement they bring.

"United Voice for Change calls on the government to take swift and decisive action to address the issues of financial mismanagement within SOEs. The dismissal of the CEOs of COCOBOD, ECG, GACL, and Ghana Water Company Limited is a necessary first step towards restoring accountability and ensuring the sustainable growth of these vital institutions," said Slyvestine Ronald.