The deteriorating financial performance of state-owned enterprises (SOEs) has been an increasing concern for the government of Ghana. The contributions of SOEs to the gross domestic product (GDP) of the Ghanaian economy have declined, leading to the loss of job opportunities because of the unprofitability and rising debt levels. SOE managers need to adopt strategies to improve the financial performance of their organizations so they can contribute to the GDP and generate employment opportunities. Government, SOE management, and employees will benefit from profitable and sustainable SOEs that have the ability to contribute to the national development agenda. The purpose of this single-case study was to explore strategies Ghanaian SOE managers may use to improve financial performance and reverse unprofitability and unsustainability of SOEs. Transformational leadership theory was used to guide this study. Data were collected through semistructured interviews with 10 Ghanaian SOE managers and SOE documents. Analysis of data generated themes, which included performance management strategies, hindrances to financial improvement, leadership strategies, and core business strategies. By implementing strategies reported by participants, SOE managers may improve the financial performance of SOEs and contribute to the GDP growth of the Ghanaian economy. Findings may be used to promote growth and sustainability of Ghanaian SOEs and thereby increase employment opportunities to improve the social conditions of unemployed youths.
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