SIGA Boss Engages World Bank Officials on Making SOEs More Effective and Profitable
The Director-General of the State Interests and Governance Authority (SIGA), [Professor Michael Kpessa-Whyte], has held high-level discussions with World Bank officials on strategies to enhance the efficiency and profitability of Ghana’s State-Owned Enterprises (SOEs).
The meeting, which took place in Washington, D.C., focused on key reforms aimed at transforming SOEs into financially sustainable entities while maintaining their mandate to provide essential public services. Topics discussed included corporate governance improvements, financial transparency, and adopting global best practices in public sector management.
Speaking after the engagement, the SIGA boss emphasized the need for a new approach to SOE management, stressing that inefficiency and financial losses must be curbed.
“SOEs must not be a drain on national resources. We are working closely with international partners, including the World Bank, to implement reforms that will ensure profitability, accountability, and improved service delivery,” he stated.
The World Bank has long advocated for SOE reforms in Ghana, citing concerns over mismanagement, political interference, and poor financial performance in several state-owned entities. The institution has pledged technical and financial support to help Ghana streamline its public enterprises and enhance their contribution to national development.
Analysts believe that strategic collaborations with international institutions will be crucial in addressing the longstanding challenges that hinder SOE efficiency. The outcome of these engagements could shape future policies aimed at revitalizing Ghana’s public sector.
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