In its latest Technical Assistance Report on Ghana's state-owned enterprises, the IMF said that although the country has established a framework intended to promote structured and merit-based appointments, the actual selection process remains highly centralised and strongly influenced by the Presidency.

The report specifically identified the presence of active politicians on the boards of major SOEs as a significant governance concern.

According to the IMF, board chairs at some major state-owned entities are ministers, Members of Parliament or prominent political party officials. The Fund cited the Ghana Ports and Harbours Authority (GPHA) as an example, noting that its board is chaired by the national chairman of the governing party.

The Volta River Authority (VRA) was also cited, with the IMF noting the presence of prominent politicians alongside technocrats and a traditional leader on its board.

The Fund argues that such arrangements differ from OECD corporate governance standards, which generally emphasise independent and professional majorities on SOE boards and caution against active politicians serving on such boards.

The IMF's concerns extend beyond board membership to the appointment of chief executives.

The report notes that SOE boards have limited influence over the selection of chief executives, who are generally appointed by the President, often in consultation with the relevant sector minister.

According to the Fund, this arrangement can weaken the accountability relationship between boards and management.

The IMF argues that if boards do not have meaningful responsibility for selecting and overseeing chief executives, they may be less willing or able to challenge management decisions.

It also warns that executives could become more responsive to political authorities than to the boards that are formally responsible for supervising their performance.

The Fund therefore says Ghana needs clearer, transparent and merit-based procedures for selecting both board members and chief executives.

The IMF also highlighted governance concerns at the Ghana Cocoa Board (COCOBOD).

The report described COCOBOD as having a “politicised committee ecosystem” and raised concerns about political figures occupying leadership positions within important committees.

The Fund said excessive political involvement could make it more difficult for such committees to maintain independence while balancing commercial objectives with the wider social responsibilities of the organisations.

The concerns are not limited to individual enterprises. The IMF identified politicised appointments, insufficient separation between ownership and policy roles, and weak transparency as broader structural weaknesses affecting Ghana's SOE sector.

The governance concerns are particularly significant because Ghana's SOEs continue to pose substantial risks to the country's public finances.

The IMF's wider assessment says several state-owned enterprises continue to create significant fiscal risks, with persistent weaknesses in oversight and operational performance.

A separate analysis of the IMF report indicated that SOEs recorded about GH¢18.6 billion in financial management irregularities, including outstanding debtors and loans, cash irregularities, contract irregularities and procurement irregularities.

The Fund's assessment suggests that stronger governance is therefore not merely an administrative issue. Weak oversight and poor management can eventually create financial obligations for the government and, ultimately, taxpayers.

The IMF has recommended that Ghana strengthen the implementation of its existing governance framework by making appointments more transparent and merit-based.

Among its recommendations is the progressive reduction of active politicians on SOE boards and greater use of independent professionals and sector specialists.

The Fund also recommends clearer competency requirements and standardised procedures for vetting candidates.

It further calls for stronger training for board members so they can effectively carry out their responsibilities in areas such as corporate governance, risk management and board oversight.

The recommendations come as the government itself has been stressing the importance of improving SOE performance.

President John Dramani Mahama, speaking at the 2026 SIGA Governing Boards and CEOs Conference, cautioned board chairs against interfering in the day-to-day management of SOEs.

He also warned that persistent underperformance could result in corrective measures, including changes to the leadership of boards and state-owned companies.

The government's position and the IMF's recommendations therefore point towards a stronger emphasis on professional management, accountability and measurable performance within state-owned enterprises.

For Ghana, the challenge will be ensuring that the reforms are implemented consistently and that political considerations do not override competence and independence when public enterprises are being managed.

The IMF has identified politicised appointments and weak board independence as major governance weaknesses within Ghana's state-owned enterprise sector. The Fund is calling for more transparent, merit-based appointments and greater professional independence on SOE boards.

With state-owned enterprises carrying significant financial risks, strengthening governance could be crucial to improving their performance and protecting Ghana's public finances.