President John Mahama has called for a comprehensive reset of Specified Entities (SEs) to lead the nation’s transformation.

In a meeting with the Heads of SEs under the State Interests and Governance Authority (SIGA), he stressed the need for effective management, transparency, and accountability within these institutions.

The meeting, which focused on strategies to revitalise SEs and eliminate financial mismanagement, saw President Mahama deliver a compelling keynote address.

He urged the CEOs of State-Owned Enterprises (SOEs) to take full responsibility and contribute meaningfully to the reform of their respective entities.

“SOEs must deliver strategic value, particularly in energy, transport, manufacturing, agriculture, and finance, to support Ghana’s industrialisation and the 24-hour economy initiative. Loss-making SOEs will no longer be tolerated. They will be swiftly reformed, merged, privatised, or shut down,” President Mahama stated.

To enhance transparency and accountability, the President announced the forthcoming publication of a strict code of conduct for public officials.

He reminded the CEOs of their obligation to declare their assets both upon assuming office and upon leaving office.

The Director-General of SIGA was tasked with ensuring compliance, with the Auditor-General instructed to submit a list of those who have complied by a specified cutoff date. Non-compliance, the President warned, would lead to sanctions, including potential removal from office.

Under his leadership, President Mahama assured that Specified Entities would be transformed into engines of national growth.

He outlined that SIGA would transition from a passive observer to an empowered enforcer of national interests, with executive authority to act decisively.

The new mandate for SIGA includes:

1. Negotiating and enforcing performance contracts with Specified Entities.
2. Conducting regular in-depth assessments of SOE finances to ensure transparency and expose mismanagement.
3. Issuing binding directives, implementing compliance mechanisms, and intervening directly in underperforming entities.
4. Commissioning independent audits to identify inefficiencies and financial leakages.
5. Setting and monitoring performance metrics, with tangible consequences for non-performance.

Director-General of SIGA, Prof. Michael Kpessa-Whyte, also addressed the meeting, emphasising that SIGA’s relationship with SEs would be based on collaboration rather than command.

He highlighted the importance of viewing good governance not only as a moral imperative but as a business necessity.

“We are not here to dictate but to collaborate,” Prof. Kpessa-Whyte stated. “We aim for a horizontal relationship with SEs, a partnership founded on shared responsibility and a common goal of improving performance.”

He added that these principles would be reflected in the Performance Contract Negotiations with SEs and other state entities for the 2026 Financial Year, set to be signed in December 2025.

The meeting was graced by Deputy Chief of Staff of Operations Nana Oye Bampoe Addo, Minister for Finance, Dr Cassiel Ato Forson, Mr. Taliercio O’Brien, World Bank Division Director for Ghana, Liberia, and Sierra Leone, as well as representatives from SIGA.

With these bold reforms, President Mahama and SIGA are setting the stage for a more accountable, transparent, and efficient public sector, one that will drive Ghana’s economic growth and industrialisation.