Governance Structures and Performance in Zambian State-Owned Enterprises: An Analysis of Reform and Accountability (2010–2024)

This original research article investigates the relationship between governance structures and the performance of Zambian state-owned enterprises (SOEs) following a period of institutional reform from 2010 to 2024. The study addresses the critical problem of persistent underperformance and financial distress in these entities, which remain pivotal to national development, despite governance overhauls intended to enhance accountability and commercial viability. Employing a mixed-methods approach, the analysis combines a longitudinal review of financial and operational performance metrics for a sample of key SOEs with qualitative data from semi-structured interviews with board members, executives, and government officials. The findings reveal that while reforms have formalised governance frameworks, their effectiveness is substantially undermined by persistent political interference in strategic appointments and operational decisions, alongside weak enforcement mechanisms for board accountability. The research argues that the transplantation of international corporate governance models has been insufficient without a concurrent, genuine commitment to insulating SOEs from partisan influence. The significance of this study lies in its contextual analysis of African public sector governance, demonstrating that structural reforms alone cannot guarantee performance without addressing deeper political economy challenges. It concludes with implications for policymakers, advocating for strengthened, autonomous oversight institutions and merit-based leadership as prerequisites for transforming SOEs into engines of sustainable and equitable economic growth in Zambia and similar contexts.