President Akufo-Addo has issued a stern warning to heads and Management of State-Owned Enterprises regarding delays in the preparation and publication of state ownership reports.
The president made it clear that such delays will no longer be tolerated and directed all board chairpersons, heads of state entities, and Management teams to fully comply with the submission requirements set out by the State Interest and Governance Authority (SIGA).
Speaking at the 2024 Annual Policy and Governance Forum in Accra on April 23, 2024, President Akufo-Addo emphasized the importance of timely submission of the State Ownership Reports (SOR). He highlighted that the 2023 SOR, the first to be published under the “Public Management of Service Delivery Programme,” must be completed by August 31, 2024. Failure to meet this deadline could have adverse effects on the country’s financial arrangement with the World Bank.
The president noted that previous SORs have experienced delays primarily due to noncompliance by public entities in submitting financial statements. To address this issue, President Akufo-Addo instructed all board chairs, entities, and management teams to adhere strictly to SIGA’s submission requirements.
During the forum, the Code of Corporate Governance for Specified Entities and Public Service Organizations in Ghana was launched. This code aims to provide guidance and improve corporate governance practices in Public Organisations. President Akufo-Addo stressed that timely compliance with the SOR requirement would help prevent delays in reporting that could negatively impact the country’s financial agreements with international partners like the World Bank.
To ensure the successful implementation of the code, the Director-General of SIGA, John Boadu, Deputy Minister for Finance Dr. Stephen Amoah, Minister for Public Sector Reforms Samuel Cudjoe, and Board Chairman of the Public Service Commission Prof. Victor Kwame Agyeman pledged to work together effectively.
A previous World Bank assessment in 2015 identified weak corporate governance, fragmented oversight responsibility, political interference, and mismanagement as key factors contributing to the poor performance of public organizations.
