Prof. Michael Kpessa-Whyte, the Acting Director-General of the State Interests and Governance Authority (SIGA), has identified several State-Owned Enterprises (SOEs) that have consistently incurred financial losses in recent years.
In an interview on Channel One TV’s ‘The Point of View’ with Bernard Avle on Wednesday, March 19, 2025, Prof. Kpessa-Whyte specifically mentioned entities such as Ghana Water Company Limited (GWCL), Ghana Cylinder Manufacturing Company Limited, Tema Oil Refinery, Intercity STC, Ghana Highway Authority, and Metro Mass Transport as examples of underperforming SOEs.
He attributed these persistent losses to factors including poor decision-making processes, lack of adherence to governance practices, and insufficient auditing of budgets and finances.
Highlighting the challenges faced by GWL, Prof. Kpessa-Whyte pointed out that illegal mining activities, commonly known as ‘galamsey’, have significantly increased operational costs.
He said the contamination of water bodies due to these activities has compelled GWL to invest more in water treatment, thereby escalating production expenses.
“I’m sure if you speak to them I’m sure they will tell you that over the years, their operational cost has gone up. Largely because of ‘galamsey’, they have had to spend more in acquiring the chemicals they need to treat the water into our homes,” he said.
He said the financial struggles of these SOEs have broader implications for Ghana’s economy.
