President John Dramani Mahama’s plan to list 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange is putting corporate governance at the centre of efforts to change how state companies are managed, with the government seeking to bring greater shareholder scrutiny and reduce political interference.
Speaking at the Council on Foreign Relations in New York on the sidelines of the United Nations General Assembly, President Mahama said the government had prepared 10 SOEs for listing, arguing that public ownership would introduce stronger accountability into their management.
“One, because we want to improve their governance. And two, because we want to reduce political interference in those state-owned enterprises,” he said. “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.”
The proposed listings come at a time when Ghana’s SOE sector is showing a significant financial turnaround. The State Interests and Governance Authority’s 2025 State Ownership Report recorded GH¢19.8 billion in aggregate net profit after tax for the sector, compared with a net loss of GH¢2.25 billion in 2024.
But the significance of the listing programme goes beyond raising capital or allowing Ghanaians to buy shares in state companies. A listing changes the governance environment in which a company operates.
Companies seeking to list on the Ghana Stock Exchange must provide extensive information covering their directors and key management, financial performance, shareholding structure, debt and other material information. Listed companies are also subject to continuing reporting obligations, including the publication of audited annual financial statements.
That creates a more visible line of accountability between management and shareholders. Financial results, board composition, executive decisions and the use of corporate resources become matters that investors can scrutinise rather than issues contained largely within the government’s ownership and oversight structure.
For SOEs, that distinction is important because the way boards are appointed and changed can directly affect management stability and independence. The issue has come into focus again following the recent dissolution of the governing boards of nine state-owned enterprises and public institutions by the Mahama administration. The development has also raised questions about board independence and the extent to which political changes should affect the leadership of state-owned companies.
Ghana’s corporate governance framework requires board members of state-owned entities to be independent and calls for a structured process for identifying, vetting and shortlisting candidates for board and chief executive positions.
Listing can make political intervention more costly because government would no longer be the only shareholder whose interests matter. Minority shareholders, institutional investors and the wider market would have a direct interest in the company’s performance and governance.
However, listing alone might not eliminate political influence.
If government retains a controlling stake, it could still exercise substantial influence over strategic decisions and shareholder appointments. The impact of the reform would therefore depend partly on the ownership structure adopted, the independence and competence of boards, the quality of disclosure, and the willingness of regulators and shareholders to enforce governance standards.
The Ghana Stock Exchange’s current rules also place specific responsibilities on listed companies, including requirements around directors, management expertise and corporate advisory oversight.
Listing could also increase scrutiny of management performance and executive pay. With outside shareholders taking an interest in the company’s financial results, decisions on management compensation and other major expenses would come under closer attention. This ties into President Mahama’s concern about salary increases and bonuses being paid at state-owned companies despite weak financial performance.
The proposed listings therefore go beyond changes in ownership. They would mark a step towards running state-owned companies with more emphasis on commercial performance, transparent reporting and professional board oversight, while reducing the scope for political control.
The government has not yet disclosed the 10 enterprises selected for listing or provided a timetable for the offerings. The eventual ownership structure and governance arrangements will therefore be central to determining how much protection the listings provide against political interference and how much accountability investors and the public can expect from the companies.
