Prof. Kpessa-Whyte noted that these entities are expected to reduce further.

According to him, SIGA has also observed that the margin of losses recorded over the years have reduced indicating that the entities are in the process of breaking even or recording profits.

“We have seen that since 2019, you would notice that the loss-making entities are gradually reducing even though it is expected that it should reduce faster than we are seeing.

“Secondly, we have seen that the margin of losses are also gradually reducing which also means that many of these entities are preparing to breakeven, make profit and maybe become dividend-paying entities and this is just within the five years lifetime of SIGA,” he stated.

Speaking in an interview on TV3’s Hot Issues, Sunday, April 6, 2025, he explained that these positive trends were observed in the various quarterly reports submitted by state-owned entities to SIGA.

He stressed that SIGA’s strict enforcement of entities’ compliance to submission of report contributed to this feat.

“I think that SIGA is a toddler with adult’s vision. And the reason I say so is that the trends I have seen since SIGA begun to push the entities towards compliance as far as the submission of the various report,” he said.

Prof. Kpessa-Whyte believes that with time SIGA will be able to transform these loss-making entities noting that certain institutional cultures and practices contributing to their inefficiencies have existed for long and would require some time for these cultivated habits to be eliminated.

“Mind you, a lot of these entities have been operating for more than 50 years and they have already acquired certain institutional cultures, certain orientation, certain routine habits that may not necessarily even see as drawing them down.

“SIGA is now expected to observe them closely and point to them some practices, routine behaviours that may have been contributing to inefficiencies and help them to eliminate those habits and conducts.

“And I think that within five years, the trend is showing that given the support, given the resources and given the boost, SIGA will be able to work with them to actually make a major transition,” he added.

SIGA was established in 2019 by ACT 990 to facilitate performance management in SOEs and other prescribed bodies, within the framework of Government policy.

Meanwhile, Finance Minister Dr. Cassiel Ato Forson revealed that almost all state-owned enterprises (SOEs) are operating in financial distress, with major institutions like the Electricity Company of Ghana (ECG) and Agricultural Development Bank (ADB) struggling under heavy losses.

At the launch of the 2025 National Economic Dialogue

in Accra on March 3, Dr. Forson painted a grim picture of Ghana’s public sector finances, stating that many SOEs are running at a loss and are dependent on government bailouts to survive.

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