• goldcoastnewsline@gmail.com
• May 9, 2025
• 0 Comments
• 2 minutes Read

President Mahama targets loss-making SOEs for shutdown or merger

President John Mahama has declared an aggressive reform agenda targeting struggling state-owned enterprises (SOEs) signaling a possible wave of mergers, listings, and shutdowns to end what he calls “economic dead weight.”

In his address to the nation marking his first 120 days in office on Wednesday,  President Mahama said the time for half measures was over and promised a root-and-branch transformation of SOEs to make them efficient and profitable.

“My vision is clear: to transform SOEs into robust pillars of economic strength,” he said, stressing that government-owned entities must contribute value, not losses.

He announced that some SOEs could face closure or be merged, as a comprehensive “deep-dive study” is already underway to investigate the causes of underperformance.

“This may involve shutting down some or merging others,” he said, adding that his government is prepared to take tough but necessary decisions.

President Mahama disclosed that on March 13, he held a high-level meeting with CEOs under the State Interests and Governance Authority (SIGA) to stress the urgency of reform.

“We promised to shake up and realign state-owned enterprises to enhance their profitability and value,” he reminded the nation.

He said his administration has begun rolling out an enhanced Performance Management System with “clear targets” to closely track financial and operational performance while promoting good governance across the sector.

“We are implementing an enhanced performance management system… and promoting good governance,” he explained.

The President also hinted at bold market-oriented moves, including potential listings on the Ghana Stock Exchange.

“SIGA is facilitating discussions with the Ghana Stock Exchange about potential listings of at least ten SOEs,” he revealed.

He also confirmed talks are ongoing to revive the once-thriving Produce Buying Company.

President Mahama stressed that the era of politically shielded inefficiency must end declaring that “SOEs must prioritise dividend payment as their primary objective this year. We are no longer going to tolerate state agencies that exist just to consume.”

President Mahama also used the national address to provide updates on other key initiatives, including ongoing efforts to tackle corruption and sanitise the mining sector.

The shake-up of SOEs, he signalled, was the clearest sign yet that his administration was preparing to make good on its promise of economic realignment.

Source: myjoyonline.com

• goldcoastnewsline@gmail.com
• April 29, 2025
• 0 Comments
• 2 minutes Read

OSP fights Charles Bissue, Andy Owusu over galamsey corruption

The Office of the Special Prosecutor (OSP) has charged former Secretary of the Inter-Ministerial Committee on Illegal Mining (IMCIM), Charles Bissue, and one Andy Thomas Owusu with 15 counts of corruption-related offences.

The charges, filed at the High Court, accuse the two of abusing public office for personal gain in connection with illegal mining operations.

In the first count, Mr. Bissue is accused of using his public office for profit, contrary to Section 179C(a) of the Criminal Offences Act, 1960 (Act 29).

According to the charge sheet, he allegedly received GHC15,000 from one Bemanin Adjapong through Andy Owusu on or around January 22, 2019, in Accra.

The OSP alleges that Bissue corruptly abused his position as IMCIM Secretary by accepting the money to circumvent established procedures outlined in the Committee’s 2018 “Road Map for Lifting of Ban on Artisanal and Small-Scale Mining.” These procedures included the verification of documents, acquisition of relevant permits, demarcation and mapping of concessions, and vetting processes.

Through this action, Bissue is alleged to have unlawfully fast-tracked the renewal of mining permits for specific operators.

The 15-count charge sheet details multiple offences involving the abuse of office, corruption, and efforts to undermine lawful mining regulations at the peak of Ghana’s crackdown on illegal mining activities, popularly known as “galamsey.”

The case is expected to be a major test for the OSP’s renewed efforts to prosecute high-profile corruption cases, especially those tied to the controversial fight against illegal mining.

Source: citinewsroom.com