In the architecture of modern state capitalism, the line between stewardship and passivity is often thin. Too frequently, governments inherit portfolios of state-owned enterprises that drift into inefficiency, haemorrhage public resources, and ultimately erode public confidence. Ghana’s experience has not been immune to this historical pattern. Yet, in recent years, a quiet but profound shift has begun to take shape—anchored in the State Interests and Governance Authority (SIGA) ‘s deliberate, reform-oriented posture. What we are witnessing is not merely an administrative adjustment but a rethinking of the very purpose and potential of state ownership in a modern economy.
At the heart of this transformation lies a bold, openly strategic vision: that state enterprises must not exist as fiscal burdens but as engines of value creation. This repositioning is both conceptual and operational. It reflects an understanding that the state, as shareholder, has not only a right but a duty to demand performance, efficiency, and accountability from its investments. SIGA’s evolving governance architecture—through performance contracts, compliance enforcement, and rigorous monitoring—signals a decisive break from a past where underperformance could persist without consequence. In its place, a new ethos is emerging: one that ties public ownership to measurable outcomes and national economic returns.
Within this broader reform agenda, one policy stands out for its ingenuity and strategic clarity—the promotion of inter-trading and business-to-business (B2B) engagement among specified entities. At first glance, this may appear as a simple coordination mechanism. In reality, it is a sophisticated economic intervention rooted in portfolio optimisation and value retention. By encouraging state entities to prioritise transactions within the SIGA ecosystem where feasible and commercially viable, the policy seeks to internalise economic value that would otherwise dissipate into external markets.
This is not an imposition on market processes, nor does it constitute a distortion of competition. Rather, it is a rational exercise of shareholder coordination. In any diversified portfolio—public or private—there is a legitimate expectation that synergies will be identified and leveraged to enhance aggregate returns. Multinational corporations do this routinely, aligning subsidiaries to procure, supply, and collaborate within the group to maximise value. SIGA’s B2B policy mirrors this logic, adapted to the public sector context. It is, therefore, both novel in its local application and entirely orthodox in its economic reasoning.
The implications of this approach are far-reaching. First, it reduces value leakage by keeping transactions—and therefore profits—within the state-owned portfolio. Second, it strengthens weaker entities by providing them with reliable markets and strategic partnerships. Third, it fosters a culture of collaboration rather than fragmentation among public enterprises. And perhaps most importantly, it aligns the behaviour of individual entities with the broader national interest, ensuring that the success of one contributes to the strength of all.
Critically, this strategy is being implemented with a clear respect for corporate governance principles. SIGA does not—and must not—usurp the decision-making authority of boards and management. Instead, it provides guidance, sets expectations, and ensures that decisions are made within a framework that balances autonomy with accountability. The emphasis is on encouragement, not coercion; on coordination, not control. This distinction is essential, for it preserves the integrity of procurement processes and the fiduciary responsibilities of enterprise leadership, while still advancing a coherent portfolio strategy.
It is precisely because of this balance that the reform agenda deserves commendation. It demonstrates that state ownership need not be synonymous with inefficiency or political interference. On the contrary, when guided by clear principles and strategic intent, it can be a powerful instrument for economic transformation. SIGA’s efforts are, in this sense, redefining the narrative around public enterprises in Ghana—shifting the discourse from one of scepticism to one of possibility.
However, as with all transformative initiatives, resistance is inevitable. There are individuals and groups who thrive in environments of opacity, fragmentation, and inefficiency—where value leakage creates opportunities for private gain at public expense. For such actors, reforms that promote transparency, coordination, and value retention are not merely inconvenient; they are existential threats. It is therefore unsurprising that the B2B policy and related initiatives have attracted criticism, often couched in the language of market purity or institutional overreach.
These critiques must be interrogated with intellectual rigour. Not all opposition is principled, and not all arguments are made in good faith. There exists a category of commentary that is less about safeguarding the public interest and more about preserving access to rents that flourish in disjointed systems. Such positions, while sometimes eloquently presented, are ultimately unprincipled. They elevate narrow interests above collective welfare and seek to undermine reforms that promise long-term national benefit.
Ghana cannot afford to be held hostage by such voices. The stakes are too high. At a time when fiscal pressures demand efficiency and innovation, the transformation of state enterprises from loss-making liabilities into profit-generating assets is not optional—it is imperative. SIGA’s approach offers a credible pathway toward this objective, grounded in sound economic logic and reinforced by a commitment to governance excellence.
The task ahead is to sustain and deepen these reforms. This will require not only institutional resolve but also public understanding and support. Citizens must recognise that the value embedded in state enterprises belongs to them collectively, and that policies designed to protect and enhance this value are, ultimately, in their interest. Likewise, stakeholders across government and industry must align their actions with this broader vision, resisting the temptation to prioritise short-term gains over long-term prosperity.
SIGA’s ongoing reforms are best understood as a practical expression of President John Mahama’s broader “reset agenda,” which seeks to restore discipline, efficiency, and strategic direction across the public sector. At the core of this agenda is a commitment to reposition state institutions as productive assets rather than fiscal liabilities, and SIGA’s insistence on performance, accountability, and value creation within state-owned enterprises directly advances this objective.
By driving policies such as performance contracting, enhanced compliance, and the innovative inter-trading framework, SIGA is helping to realign public enterprises with national development priorities, ensuring that they contribute meaningfully to revenue generation, economic stability, and shared prosperity. In this sense, the transformation of state entities under SIGA is not an isolated reform effort, but a central pillar of the government’s broader ambition to reset governance and unlock the full potential of Ghana’s public assets.
Let us applaud SIGA’s bold decisions to affirm a larger principle: that the state can be an effective and responsible steward of economic assets when it acts with clarity, discipline, and purpose. The journey from loss-making enterprises to value-enhancing entities is neither quick nor easy. But it is both necessary and achievable. And with the right mix of strategy, governance, and integrity, it is a journey that can redefine Ghana’s economic future.
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The writer, Sampson Tagbor, is the former National President of the Teacher Trainees Association of Ghana (TTAG)
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