Former Finance Minister, Emmanuel Seth Terkper, has called on State-Owned Enterprises (SOEs) to transition toward fiscal independence, urging them to embrace “smart borrowing” and self-financing models to drive national development.
Speaking on behalf of the Chief of Staff, Julius Debrah, at the 2026 PELT Awards of Excellence, Seth Terkper emphasized that public ownership must be synonymous with strong performance, credible governance, and tangible value for the Ghanaian people.
Drawing from his tenure as Finance Minister, Terkper highlighted several landmark projects as proof that SOEs can excel when challenged. He cited the Ghana Airport Company Limited (GACL) and its successful self-financing of Terminal 3 as a primary example.
Further noting that the terminal was built using the flows of airport taxes, funds that previously went into general consumption proving that when challenged to self-finance, these institutions can perform. He also referenced the Ghana National Petroleum Corporation (GNPC) and allied institutions, which successfully financed critical gas infrastructure and processing plants using petroleum earnings, notably without requiring sovereign guarantees from the state.
A central theme of the Minister’s address was the elimination of “contingent liabilities.” He criticized the over-reliance on state guarantees, which he noted often crystallize into debt that contributes to national credit downgrades. To curb this, Seth Terkper proposed that future award criteria should prioritize entities capable of setting up their own funds for production without returning to the state for backing. He advocated for the use of Debt Service Reserve Accounts to ensure seamless repayment and encouraged SOEs to clean up their books so they may eventually borrow directly from international markets, much like the sovereign state.
The Former Minister explained that trust is the currency of public service and reminded board members and management teams that compliance with statutory obligations and fiscal discipline is not optional.
He stated that the league table matters because it makes progress visible and measurable, reinforcing a culture where public enterprises deliver results rather than excuses. He also touched on the issue of conflicts of interest, labeling it a significant barrier to performance that must be confronted fairly to regain public confidence.
Congratulating the night’s winners, Seth Terkper described the PELT Awards as both a mirror and a map reflecting current standing while charting the path toward improvement.
He concluded by reiterating that the Presidency expects progress that is both measurable and sustained, ensuring that the Ghanaian people feel the impact through better services, stronger public value, and greater national confidence.
Story By: Eugenia Ewoenam Osei
