Most energy sector SOEs struggling financially – SIGA Boss

The Acting Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, has revealed that most State-Owned Enterprises (SOEs) in the energy sector are facing severe financial challenges and operating at a loss.

Speaking on Channel One TV, he noted that only Bui Power Authority and Ghana Gas have managed to stay financially stable, attributing their success to strict compliance and operational efficiency.

“Apart from Bui Power Authority and Ghana Gas, the rest are really struggling, literally,” he stated.

Professor Kpessa-Whyte explained that the financial struggles of these SOEs are hindering their ability to expand operations and create employment opportunities. He stressed that many of the reported losses result from poor decision-making rather than external factors.

“The losses we report are losses emanating out of human decisions,” he said.

He also highlighted President John Dramani Mahama’s firm stance on improving the performance of SOEs, making it clear that underperforming leaders will be removed if they fail to meet efficiency and financial accountability standards.

“I am quite confident that President Mahama is going to put boards in place that will manage the CEOs and the heads of entities in a manner that will keep everybody in check with a clear target in mind,” he added.

Professor Kpessa-Whyte reaffirmed SIGA’s commitment to enforcing compliance and ensuring that state enterprises operate efficiently to prevent further financial losses.