By Jibril Abdul Mumuni
Accra, Sept. 11, GNA – The International Monetary Fund (IMF) has commended Ghana’s State-Owned Enterprise (SOE) reforms but flagged rising liabilities as a growing fiscal risk.
The Fund said SOEs remained critical to infrastructure development, with major infrastructure-related state enterprises recording an investment footprint of about GH¢14 billion in 2024.
The IMF made the assessment in its Advancing SOE Fiscal Risks Management, Financial Oversight, Governance, and Investment Implementation report, which said reforms led by the Ministry of Finance (MoF) and the State Interests and Governance Authority (SIGA) had strengthened SOE oversight.
It said the adoption of the State Ownership Policy, Corporate Governance Code and standardised financial reporting requirements had strengthened the governance framework for state enterprises.
The report said the establishment of SIGA in 2019 marked a shift towards a centralised and professional state ownership model, improving performance monitoring, governance standards and transparency across the SOE sector.
It said annual State Ownership Reports and expanded fiscal risk assessments had also improved the quality and completeness of financial information available to policymakers.
The Fund said SOEs remained central to Ghana’s economic development, particularly in infrastructure provision, where they played leading roles in electricity generation and distribution, water supply, airport management, port operations, transportation and telecommunications.
It said the investment footprint of the country’s major infrastructure-related SOEs reached approximately GH¢14 billion in 2024, equivalent to the total domestically funded component of Ghana’s capital investment budget.
The report identified the Electricity Company of Ghana (ECG), Ghana Airports Company Limited (GACL), Ghana Ports and Harbours Authority (GPHA), Volta River Authority (VRA) and Ghana Water Company Limited (GWCL) among the entities undertaking major investments.
“The authorities have established a robust foundation for SOE oversight through the adoption of the SOE Ownership Policy, the Corporate Governance Code, and standardized financial reporting requirements,” the IMF stated in the report.
Despite the progress, the Fund cautioned that rising liabilities among major SOEs and weaknesses in the implementation of governance reforms continued to pose challenges.
It identified corporate board appointments, financial sustainability and fiscal risk management as areas requiring stronger attention.
The report said SOE portfolio assets had expanded broadly in line with economic growth, but liabilities had increased more rapidly, reaching about GH¢282 billion in 2024.
It said ECG, VRA and the Ghana Cocoa Board (COCOBOD) accounted for a substantial share of the liabilities and therefore remained key areas for fiscal risk monitoring.
The IMF said Ghana’s infrastructure outcomes compared favourably with those of many regional peers, noting that access to electricity had risen from below 50 per cent of the population in 2000 to nearly 90 per cent in recent years.
It said access to basic drinking water had also steadily improved, while investments in aviation and maritime infrastructure had contributed to gains in airport connectivity and seaport efficiency.
To sustain the gains, the Fund recommended stronger oversight of major infrastructure projects undertaken by SOEs, including independent reviews of project costs, timelines and benefits.
It also encouraged the publication of annual investment plans by major infrastructure enterprises and the integration of infrastructure targets into performance monitoring frameworks administered by SIGA and the Ministry of Finance.
The Fund also urged the authorities to strengthen medium-term investment planning, improve procurement compliance and expand transparency to ensure that infrastructure investments supported economic growth without creating excessive fiscal pressures.
It said continued reforms and stronger enforcement of governance standards could enhance the contribution of SOEs to economic transformation, infrastructure delivery and fiscal sustainability, while supporting Ghana’s broader development objectives.
GNA
Edited by Kenneth Sackey
11 Sept. 2026
Photos attached
Reporter: Jibril Abdul Mumuni
[email protected]