President John Dramani Mahama says the government has made significant progress in reviving several state-owned enterprises (SOEs) that were previously on the brink of collapse.

Addressing workers at the 2026 May Day celebrations on Friday, May 1, the President stated that deliberate policy interventions and financial support have helped restore operations and improve efficiency in key public institutions.

“Government has worked very hard to revive many state-owned enterprises that were previously in a state of collapse,” he said.

He cited the Tema Oil Refinery (TOR) as one of the success stories, noting that the facility is now back in operation after a prolonged period of inactivity.

The President also revealed that the Agricultural Development Bank (ADB) and the National Investment Bank (NIB) have been recapitalised to strengthen their financial positions and support economic growth.

In addition, he pointed to ongoing recovery efforts at the Tema Shipyard, which he said is gradually returning to stable operations.

According to President Mahama, these efforts form part of a broader economic strategy aimed at restoring confidence in public institutions and repositioning them as drivers of industrialisation, job creation, and national development.

He emphasised that the revival of SOEs is critical to sustaining Ghana’s economic recovery and ensuring that the benefits of growth reach the wider population.