President Nana Addo Dankwa Akufo-Addo has announced a significant reduction in financial losses by State-Owned Enterprises (SOEs), from GHC 14.4 billion in 2022 to GHC 2.6 billion in 2024.
Speaking at the 2024 SIGA Annual Stakeholders Engagement at Rock City Hotel, Kwahu-Nkwatia, in the Eastern Region, the President attributed this improvement to the establishment of the State Interests and Governance Authority (SIGA) under the SIGA Act 2019.
The President noted that SIGA has laid a solid foundation rooted in good governance, transparency, accountability, and fairness, which has enhanced the performance of SOEs and other specified entities.
“I am proud to report that the contributions of our state-owned enterprises to the nation’s GDP have steadily increased from 3% in 2020 to 6% in 2021, and reaching 10% in 2024,” the President said.
He continued, “Equally noteworthy is the significant reduction in financial losses and operational irregularities within these entities. The average losses of state-owned enterprises have fallen sharply from 14.4 billion cedis in 2022 to 2.6 billion cedis in 2024.”
President Akufo-Addo emphasized that SIGA’s establishment is part of his administration’s vision of building a “Ghana Beyond Aid,” with public enterprises operating under the highest standards of governance, integrity, and accountability.
During the event, the Director General of SIGA, John Boadu, lauded the authority’s success in ensuring compliance.
He noted that prior to SIGA’s inception, only 16 out of 175 specified entities had reported both their financial statements and management accounts, with only two entities filing audited financial statements.
“In contrast, today, 147 specified entities have filed both their audited financial statements and management accounts as of May 2024,” Boadu stated.
However, the Chairman of the Parliamentary Committee on Public Administration and State Interests, Dr. Kwabena Donkor, expressed concerns over some SOEs, such as the Tema Oil Refinery (TOR), which have failed to publish their audited accounts despite receiving awards for performance from SIGA.
“In the 21st century, we have a commercial organization that has not published its audited accounts since 2017. And it is not just TOR; there are several others. We cannot celebrate mediocrity in management. These companies must rise up,” Dr. Donkor remarked.
He called for a review of how SOE executives and directors are appointed, urging better compliance with financial reporting and a professional approach to management.
The event, marking SIGA’s 5th anniversary, was held under the theme, “5 Years of Championing Specified Entities’ Governance and Growth: The Challenges and The Way Forward.”
Source: www.kumasimail.com /Kojo /Ansah/ Koforidua