President John Dramani Mahama has issued a stern warning to Chief Executive Officers (CEOs) of State-Owned Enterprises (SOEs), declaring that failure to submit annual reports and complete audits by the end of April will not be taken lightly.

According to him, many state-owned enterprises have failed to produce annual reports for seven to eight years, despite it being a mandatory requirement.

Thus, “This year, I said, woe betide any chief executive of a state-owned enterprise who, by the end of April, which is the target date, has not done your audits and presented your annual reports," the President warned while addressing Ghanaians living in Zambia during an engagement on Wednesday, February 4.

Although the President did not spell out the specific sanctions, his remarks indicated that firm action would be taken against defaulting heads of state institutions.

“I won’t say what will happen,” he added, reinforcing the seriousness of the directive.

He stressed that the current situation was unacceptable and would no longer be tolerated under his administration.

President Mahama added that clear timelines had been set to ensure compliance.

In the first quarter of last year, President John Mahama issued a stern warning to Chief Executive Officers (CEOs) of State-Owned Enterprises (SOEs), making it clear that underperformers will not be spared as his government pushes for a complete overhaul of the sector.

Addressing CEOs of specified entities under the State Interests and Governance Authority (SIGA) on Thursday, March 13, 2025, President Mahama emphasised that SOEs must operate efficiently and contribute meaningfully to the national economy. He warned that any enterprise failing to align with his administration’s reset agenda would face tough decisions, including mergers, privatisation, or closure.

“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he declared.

He stressed that the days of financial mismanagement, unaccountability, and inefficiency in SOEs were over.

“The era of impunity, mediocrity, and financial recklessness must end today,” he asserted.

President Mahama’s remarks follow Finance Minister Dr. Cassiel Ato Forson’s revelation that several SOEs remain financially weak and continue to be a drain on the economy.

Dr. Forson expressed deep concern over their ongoing losses, noting that their underperformance does not reflect their true potential.

“Unfortunately, some of them are posing significant fiscal risk to the economy of Ghana. The two most threatening, worrisome are the ECG, COCOBOD. We must implement a bold turnaround strategy that transforms loss-making SOEs into financially viable and self-sustaining institutions,” he stated.

The Finance Minister outlined three key strategies aimed at improving SOE performance:

Capacity building to strengthen leadership and ensure effective management.

Enhanced corporate governance training to enforce regulatory compliance.

Financial discipline and strategic decision-making to restore profitability.

He urged the CEOs to fully embrace the government's vision of reforming SOEs into productive entities that contribute to national development.

“I want to end by urging all stakeholders, State-Owned Enterprises, and heads of state institutions to buy into your vision. A vision to restore hope, a vision to work in transparency and the determination that you have always led us – a determination to the people of the Republic of Ghana,” Dr. Forson said.

With these directives, the Mahama administration has signaled its commitment to driving efficiency and accountability in the management of state enterprises, ensuring that only those who meet performance expectations retain their positions.