Government reform efforts yet to translate into improved SOEs financial performance – IMF

In its Technical Assistance Report on Ghana titled “Advancing SOE Fiscal Risks Management, Financial Oversight, Governance and Investment Implementation, the Bretton Woods institution said while SOE revenues increased markedly in absolute terms – from GH¢19 billion (2015) to GH¢133 billion (2024) - this has not resulted in improved overall SOE performance.

The IMF added that institutional responsibilities for SOE financial oversight are split between the MOF and State Interest and Governance Authority [SIGA], resulting in overlapping functions and fragmented reporting, which reduce efficiency and the effectiveness of fiscal risk management.

The International Monetary Fund has stated that the significant reform efforts by the government over the past decade have not yet translated into improved State-Owned Enterprises (SOEs) financial performance, pointing to persistent structural weaknesses.