IMF identifies political appointments as major weakness in GPHA, VRA, COCOBOD and other SOEs

The International Monetary Fund has identified the politicisation of board and chief executive appointments as a major weakness in the governance of Ghana’s state-owned enterprises, warning that the practice is undermining the independence and professionalism of boards. In its latest Technical Assistance Report on Ghana’s state-owned enterprises in 2024, the IMF says that while Ghana has established a framework intended to make appointments more structured and merit-based, “in practice appointments remain highly political and centralised in the Presidency. ” The report says boards of major state-owned enterprises are largely dominated by political appointees, with board chairs frequently being ministers, Members of Parliament or prominent party officials.

The Fund gave a specific example of the Ghana Ports and Harbours Authority (GPHA), where the board was chaired by the national chairman of the governing party — an arrangement that did not change with the change in government in 2025. The Volta River Authority (VRA) was also cited for having prominent politicians on the board alongside technocrats and a traditional leader. The IMF says such arrangements represent a significant departure from OECD standards, which caution against active politicians serving on SOE boards and emphasise independent and professional majorities. Political appointments weaken accountability The IMF’s concern goes beyond the political identity of individual board members. It argues that when boards are not sufficiently independent, their ability to properly oversee management can be weakened. The report says CEO appointments also remain largely political, with SOE boards playing only a limited role. Chief executives or managing directors are typically appointed by the President, often in…