The President of the Republic, Nana Addo Dankwa Akufo-Addo, has charged heads and officials of state-owned enterprises to adhere strictly to the submission timelines instituted by the State Interests and Governance Authority on the preparation and further publication of State Ownership Reports.
“As a follow-up to this directive, I expect the Director General of SIGA to furnish me with the list of all specified entities who have not complied with this directive by 31st May 2024,” President Akufo-Addo has directed.
Speaking at the launch of two policy documents, namely, the Code of Corporate Governance for Specified Entities and Public Service Organisations in Ghana and on the State Ownership Policy for Specified Entities, during the 2024 Annual Policy and Governance Forum, on Tuesday, 23rd April, 2024, the President said, this important duty is a key part of measures by government to enhance transparency and accountability in the governance and management of our public enterprises, thereby ensuring that they deliver on their mandates, and contribute to the national economy.
With SIGA mandated to prepare the State Ownership Report, which serves amongst others, as an accountability and transparency document, President Akufo-Addo said the reports, give government and the public access to information on public enterprises’ financial and non-financial performances.
Citing non-compliance to the submission of financial statements by public entities as a key constraint to preparation and publication of SORs, the President said with these financial statements becoming central to the preparation of the SOR, board chairs of all specified entities, in the Cabinet approved list of entities, are expected to submit their audited accounts and statements to SIGA by 15th May 2024.
He further urged specified entities who are yet to align themselves with the oversight mechanisms established by SIGA, to heed the call with urgency, adding that their “reluctance to comply, not only erodes the fabric of transparency and accountability, but also undermines the integrity of our nation’s financial framework.”
“It is imperative that we uphold collectively the principles of good cooperate governance, which leads to accountability and transparency, to safeguard the interest of the State, in the running of public enterprises,” he said.
Reminding participants of government’s resolve to ensure that the public enterprises sector, contribute about 30 percent of the country’s GDP, he said considerable strides towards this target has been made as latest reports from the Controller and Accountant General’s Department indicates that the number of specified entities, included in the national accounts, has increased from 19 in 2020 to 62 in 2022.
Additionally, “entities signing performance contracts with SIGA rose from 6 in 2016, to 73 in 2023, thus underscoring how transparent and accountable government has been so far as governance and management of our public enterprises are concerned.”
He singled out for special recognition and praise, the management of entities like, BOST, VRA, TDC Development Company Limited, and Ghana Re-insurance amongst others, for transforming successfully the entities from debt-ridden to profitable public enterprises.
“TDC Development Company Limited and Ghana Re-insurance holds special significance for me, due to the steadfast commitment, to paying dividends consistently to the government and I take this opportunity to encourage the other SOEs to emulate their laudable feat,” President Akufo-Addo indicated.
He said the policy document as launched provides clearly defined objectives for ownership and articulates the establishment of proper systems for managing and accessing the performance of the state ownership interests in our public enterprises.
In the light of these, “my government has implemented reforms, aimed at enhancing transparency, streamlining operations, and mitigating risks within state-owned enterprises, however, we recognize that there is still more work to be done, hence the need to launch the two new policy documents on, The Code of Corporate Governance for Specified Entities and Public Service Organisations in Ghana, and secondly, The State Ownership Policy for Specified Entities, to enhance even further, transparency, accountability and good governance within our specified entities,” he pointed out.