President John Dramani Mahama says plans to list 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange are intended to strengthen corporate governance and create greater protection for the companies from political interference.

The President said bringing private investors into the ownership structure would change the way the affected enterprises are governed and make it more difficult for successive governments to arbitrarily remove management teams or dissolve boards.

He said the proposed listings were part of efforts to ensure that state-owned companies operate with greater accountability and focus on financial performance rather than relying on government support.

President Mahama also pointed to a longstanding concern within the SOE sector, where some enterprises have continued to face demands for higher salaries and bonuses despite weak financial results.

He said stronger governance structures were needed to align management decisions with the actual performance of the companies.

The State Interests and Governance Authority’s 2025 State Ownership Report shows that the state-owned sector remains a major component of Ghana’s economy, with the latest report covering 53 SOEs alongside joint venture companies and other state entities.

SIGA says the report is intended to provide a basis for assessing the financial and operational performance of state interests.

Speaking at the Council on Foreign Relations in New York on the sidelines of the United Nations General Assembly, President Mahama said the government would proceed with the planned listings despite the improved performance recorded by the SOE sector.

“One, because we want to improve their governance. And two, because we want to reduce political interference in those state-owned enterprises. If we list more of these companies, it makes it difficult for government to interfere and sack the management and dissolve the boards and all that,” he said.

He added that the listings would also give Ghanaians, including members of the diaspora, an opportunity to acquire shares in state-owned enterprises through the Ghana Stock Exchange, broadening public participation in the ownership of state assets.