The Deputy Finance Minister and Member of Parliament for Asuogyaman, Thomas Nyarko Ampem, has issued a stern warning to State-Owned Enterprises (SOEs), stating that continued underperformance will no longer be tolerated.

Speaking at the SIGA 2026 Annual Stakeholders Conference and PELT Awards on Thursday, March 19, 2026, Ampem said the country cannot continue absorbing losses from state institutions while expecting economic stability.

He highlighted the energy sector as a major source of strain on public finances, noting that the government spends approximately $1.47 billion annually to cover shortfalls.

“In the energy sector alone, government spends about $1.47 billion to clear energy sector shortfalls… ECG continues to lose approximately 40% of power through technical and commercial losses,” he stated.

Ampem also pointed to challenges within the financial sector, revealing that the state had to step in to support key banks.

“In the financial sector, government has had to recapitalise NIB, CBG, and ADB with over GH¢2 billion in 2025,” he said.

He further noted pressure in the cocoa sector, with efforts underway to restructure legacy debt.

“We are also seeking to convert approximately GH¢5.8 billion of COCOBOD’s legacy debt into equity,” he added.

According to Ampem, these issues are not isolated but directly affect the country’s economic stability.

He warned that inefficiencies within SOEs ultimately come at a cost to ordinary Ghanaians.

“These are not just sector challenges. They are fiscal risks. They are growth constraints,” he stressed.

While acknowledging these challenges, Ampem said the government remains committed to supporting key institutions, but only if they are prepared to improve.

“The strategic actions taken in these critical sectors show that we will preserve strategic institutions and help reposition them to deliver,” he said.

However, he added that support will not come without accountability. If SOEs fail to deliver, they will face dissolution.

“Partnership is reciprocal. Support from the state must be matched by responsibility to the state. Going forward, our message is simple; deliver or be dissolved.

“Loss-making SOEs will no longer be tolerated. They will be swiftly reformed, merged, privatised, or shut down," Ampem stated.

He also criticised the practice of paying bonuses in institutions recording losses, describing it as unjustifiable.

“For a lot of us, it doesn’t make sense that you make losses and pay bonuses to yourselves… That must stop. No SOE that makes losses must pay bonuses to management, board, staff, or anybody,” he stressed.

Ampem urged SOEs to focus on profitability before rewarding themselves.

“Strive to make profit, make the money, and take small bonuses to motivate yourselves. But when you make losses, do not reward yourselves for making losses,” he concluded.







SO/MA