President says planned listing of 10 state enterprises will strengthen corporate governance, curb political interference and give Ghanaians abroad an opportunity to own shares in the national economy
By Staff Writer
New York— President John Dramani Mahama has announced plans to list 10 state-owned enterprises (SOEs) on the Ghana Stock Exchange, a move he says will strengthen corporate governance, reduce political interference in public institutions and create new opportunities for Ghanaians living abroad to invest directly in their country’s economy.
The President disclosed the plan during a recent interview with the Council on Foreign Relations in New York, on the sidelines of the 81st session of the United Nations General Assembly.
Explaining the rationale for the initiative, Mahama identified two principal objectives: improving the governance of state-owned enterprises and making it more difficult for successive governments to interfere in their management.
“One, because we want to improve their governance, and two, because we want to reduce political interference in those state-owned enterprises,” the President said.
He added that listing the enterprises would make it more difficult for governments to dismiss chief executives, dissolve boards and replace management whenever political power changes hands.
“If we list more of these companies, it makes it difficult for government to interfere and sack the management and dissolve the boards and all that,” he explained.
He added that listing the enterprises would make it more difficult for governments to dismiss chief executives, dissolve boards and replace management whenever political power changes hands.
The President’ said the initiative also offers an opportunity to connect Ghana’s diaspora investment ambitions with the development of the country’s capital market.
From Political Appointments To Corporate Accountability
Ghana’s state-owned enterprises have long occupied an important place in the national economy, operating across sectors that include energy, finance, transport, infrastructure and other strategic services.
However, their performance has frequently been affected by concerns about political appointments, weak accountability, financial losses and changes in leadership following elections.
Mahama argued that the management culture of some state enterprises has not always sufficiently rewarded performance or held executives accountable for financial results.
“Even when they’re making losses, they’re asking for salary increments and asking for bonuses when you’ve made a loss,” he said during the interview.
The President indicated that measures implemented through the State Interests and Governance Authority (SIGA) had contributed to an improvement in the sector’s financial performance.
He referred to a collective net profit of almost GH¢19 billion recorded by state-owned enterprises. SIGA’s 2025 State Ownership Report separately put the sector’s net profit after tax at GH¢19.8 billion.
The planned listings are intended to build on that progress by exposing participating enterprises to greater public scrutiny, more rigorous financial disclosure and the expectations of shareholders. Opening the investment opportunities in these SOEs to the Ghanaian diaspora is also a critical component of his proposals.
Once an enterprise is publicly listed, it must comply with applicable securities-market requirements, including reporting and disclosure obligations. Investors can assess its performance, question its management and make decisions about buying or selling shares.
Listing does not automatically eliminate political interference or guarantee profitability. Its effectiveness will depend on the governance arrangements, the quality of disclosure, the protection of minority shareholders and the enforcement of market regulations.
Nevertheless, the President’s stated objective is to create a structure in which the performance of state enterprises is less dependent on the preferences of the government of the day.
The President’s stated objective is to create a structure in which the performance of state enterprises is less dependent on the preferences of the government of the day.
A New Investment Opportunity For Ghanaians Abroad
One of the most significant aspects of the announcement is its potential to bring members of the Ghanaian diaspora into the ownership of public enterprises.
Mahama said the planned listings would allow Ghanaians abroad to purchase shares through the Ghana Stock Exchange, enabling them to participate directly in the financial performance of companies in their home country.
In an interview with the Council on Foreign Relations, he said:
“The diaspora should be able to either, you know, invest either in financing, you know, development, industrial projects, or in participating as shareholders.”
The President’s proposal reflects a broader policy ambition to move diaspora engagement beyond the traditional reliance on remittances sent to family members to plYING an active role in the investment sector.
He explained that the government had declared the diaspora Ghana’s “seventeenth region”, despite the country constitutionally comprising 16 administrative regions, because of the substantial economic contribution made by Ghanaians living overseas.
We want to move from just remittances to investment, and that is the policy we’re pursuing, going forward,
“We want to move from just remittances to investment, and that is the policy we’re pursuing, going forward,” he said.
He also emphasized the need to build confidence among overseas investors, particularly after some diaspora investors experienced losses during Ghana’s domestic debt restructuring exercise under the previous government.
“Building back that confidence and getting them to come on board again is something that we have to continue working at,” he said.
The President described the effort as a work in progress and said the government wanted diaspora communities involved in discussions about how their investments could be protected.
That assurance will be important. Many prospective investors will want clear information about the companies being listed, their financial histories, share prices, dividend policies, governance structures and the risks associated with investing in them.
The Diaspora: A Major Contributor To Ghana’s economy
The scale of the Ghanaian diaspora’s economic contribution helps explain why the government is seeking to expand its role in national development.
According to Ghana’s Foreign Affairs Minister, Samuel Okudzeto Ablakwa, Ghanaians living abroad sent approximately US$7.8 billion in remittances in 2025, a record amount reported by the Ghana News Agency in June 2026.
That figure was up sharply from approximately US$4.6 billion in 2024.
The 2025 remittance figure is equivalent to roughly 6% of Ghana’s gross domestic product, according to reporting by the Ghana News Agency. It demonstrates the importance of money sent home by migrants and other Ghanaians living abroad to the country’s foreign-exchange inflows and household finances.
These transfers support families across the country, helping to pay for food, education, healthcare, housing and other essential expenses. Some funds also support small businesses, property development and other economic activities.
The importance of remittances is particularly evident in communities where households rely on financial assistance from relatives working mostly in North America, Europe, Asia and elsewhere in Africa.
Unlike some forms of international investment, which can fluctuate sharply with economic conditions and investor sentiment, personal remittances often continue even during difficult periods because they are motivated by family obligations and social ties.
However, remittances and investment are not the same. Money sent to support a household may be essential to the family’s welfare without necessarily creating a business asset or generating a direct financial return for the sender.
The government’s proposed share-purchase initiative seeks to create another channel through which diaspora funds could contribute to productive economic activity.
Turning Remittances Into Productive Investment
The Bank of Ghana has also been encouraging Ghanaians abroad to explore investment opportunities that extend beyond household transfers.
At a diaspora investment roundtable in April 2026, Bank of Ghana Governor Dr Johnson Pandit Asiama emphasized the potential of diaspora capital to support business expansion, economic stability and development.
“Diaspora inflows have long supported household consumption and macroeconomic stability, but beyond consumption, remittances hold even greater potential as a driver of productive investment,” he said, according to the Ghana News Agency.
The proposed listing of state-owned enterprises could provide a more accessible route for some diaspora investors, particularly those who prefer to purchase shares in established companies rather than start a business from scratch.
A person living in the United States, United Kingdom, Canada or another country could potentially buy shares in a Ghanaian enterprise, participate in its growth and receive dividends if the company declares them.
Public listings may also provide an avenue for diaspora investors to diversify their investments across Ghanaian businesses instead of concentrating their resources in property or family-supported enterprises.
However, the availability of shares to overseas investors will depend on the terms of each listing, the rules of the Ghana Stock Exchange, applicable securities regulations and any requirements affecting non-resident investors.
The government and market authorities will therefore need to communicate the arrangements clearly to ensure that the opportunity is accessible, transparent and commercially credible.
Beyond Remittances: Skills, Technology And International Connections
The diaspora’s contribution to Ghana goes well beyond the money sent home.
Ghanaians living overseas include professionals, entrepreneurs, academics, healthcare workers, engineers, technology specialists, investors and skilled workers whose knowledge and international experience can support development at home.
Their expertise can help Ghanaian institutions and businesses adopt new technologies, improve management practices, establish international partnerships and access new markets.
Members of the diaspora can also connect Ghanaian businesses to international customers, suppliers, investors and research institutions. Such connections can be especially valuable for small and medium-sized enterprises seeking to expand beyond the domestic market.
Some members of the diaspora have returned to establish businesses or work in public and private institutions, while others contribute through mentoring, research collaborations, philanthropy and professional networks.
A well-designed diaspora investment programme could bring together these financial and non-financial contributions.
For example, diaspora shareholders could provide capital to a company while also helping it identify export markets, improve its corporate practices or establish partnerships with businesses abroad.
Such outcomes are not guaranteed by a stock-market listing alone, but they represent opportunities that Ghana could pursue through a broader diaspora engagement strategy.
The Importance Of Investor Confidence
President Mahama acknowledged that rebuilding trust among diaspora investors is an important part of the government’s agenda.
That concern is significant because diaspora investors, like other investors, must be able to evaluate risks and have confidence that the rules governing their investments will be applied consistently.
The experience of Ghana’s domestic debt restructuring has made some investors more cautious about committing funds to the country. Others may have encountered poorly managed investment schemes, property disputes or businesses that failed to deliver promised returns.
For the proposed initiative to succeed, the government will need to distinguish between patriotic appeals to invest in Ghana and the commercial information that investors require before making financial commitments.
Potential investors will need access to independently audited financial statements, credible valuations, transparent prospectuses and clear explanations of the rights attached to the shares they purchase.
They will also need to understand that buying shares in a company involves risk. Share prices can fall, dividends are not guaranteed, and investors may lose some or all of their capital.
A credible framework for protecting investors, resolving disputes and enforcing corporate governance standards would therefore be central to the initiative’s success.
The government will also need to clarify whether diaspora investors will purchase ordinary shares on the same terms as other investors and whether any special mechanisms will be introduced to make participation easier for people living overseas.
What The Listings Could Mean For Ghana’s Capital Market
The planned listings could have implications beyond the individual enterprises involved.
Bringing additional companies to the Ghana Stock Exchange could increase the range of investment opportunities available to domestic and international investors, broaden share ownership and potentially improve market liquidity.
It could also encourage a wider public discussion about corporate performance and the relationship between state ownership and commercial accountability.
If the participating enterprises perform well, investors may benefit through dividends or increases in share prices. The companies themselves could benefit from a stronger governance framework and improved access to capital, depending on the structure of each listing.
The government, however, will need to explain how much ownership it intends to retain, what proportion of shares will be offered to the public and whether the proceeds will go to the enterprises for expansion or to the state as the existing shareholder.
Those details matter because listing a state-owned enterprise is not necessarily the same as fully privatizing it. Government can retain a controlling stake while selling a portion of the company’s shares to private investors.
The precise ownership structure will determine how much influence new shareholders can exercise and how the government balances public policy objectives with commercial performance.
As of the President’s reported announcement, the plan involves 10 enterprises prepared for listing. Further information on the individual companies, timing, valuations and allocation of shares will be needed to assess the full scope of the programme.
A New Relationship Between Ghana And Its Diaspora?
President Mahama’s proposal signals an effort to redefine the relationship between Ghana and its citizens abroad.
For decades, the diaspora has supported families, contributed foreign exchange and maintained important social and cultural connections with the country. The government’s emerging approach seeks to add direct investment and share ownership to that relationship.
There’s a lot going on in Ghana. Foreigners are coming and investing. Why not our diaspora
The President’s central argument is that Ghanaians abroad should have the opportunity to participate in the same economic opportunities attracting other investors to the country.
“There’s a lot going on in Ghana. Foreigners are coming and investing. Why not our diaspora?” he asked during the Council on Foreign Relations discussion.
The question captures the ambition behind the initiative: to transform the diaspora from a source of remittances into a more active partner in Ghana’s productive economy.
Whether the plan achieves that objective will depend on the quality of the companies being listed, the transparency of the process, the protection of investors and the government’s willingness to maintain credible governance standards regardless of political changes.
If those conditions are met, the initiative could offer Ghanaians abroad a practical way to invest in businesses at home while helping the country mobilize capital for long-term development.
Ultimately, the success of the programme will not be measured simply by the number of enterprises listed or the amount of money raised. It will be measured by whether the listings improve corporate performance, create sustainable value for shareholders, strengthen Ghana’s capital market and generate wider economic benefits for the Ghanaian people.
For a country whose diaspora remittances reached a reported US$7.8 billion in 2025, the opportunity to channel even a portion of diaspora resources into well-governed, productive enterprises could be significant.
The challenge now is to turn the President’s announcement into a transparent, credible and accessible investment programme that earns the confidence of Ghanaians at home and abroad.
