President Akufo-Addo has issued a stern warning to heads and management of state-owned enterprises, cautioning them against delays in preparing and publishing state ownership reports.
The President emphasized that compliance with submission requirements set out by the State Interest and Governance Authority (SIGA) is non-negotiable moving forward.
Speaking at the 2024 Annual Policy and Governance Forum in Accra on the theme “Maximizing Benefits from State Ownership/Interest through Effective Corporate Governance”, President Akufo-Addo highlighted the importance of timely compliance with SIGA’s State Ownership Report (SOR) requirement. He stressed that the delay in reporting could have negative implications on the country’s financial arrangement with the World Bank.
“The preparation and publication of SORs have always suffered delays due to a litany of constraints. Key among them is the noncompliance of public entities to the submission of finance statements,” the President stated. He emphasized the need for board chairs, entities, and management teams to fully comply with SIGA’s submission requirements to avoid any further delays.
At the event, key stakeholders including the Director General of SIGA, Deputy Minister for Finance, Minister for Public Sector Reforms, and the Board Chairman of the Public Service Commission pledged to work together to ensure the effective implementation of the Code of Corporate Governance for Specified Entities and Public Service Organizations in Ghana. This code aims to transform corporate governance practices in public organizations to enhance efficiency and accountability.
The President also highlighted the challenges faced by public organizations in Ghana, including weak corporate governance, political interference, and mismanagement, which have contributed to the collapse of several national entities. The issuance of the Code delving into Environmental, Social, and Governance (ESG) principles represents a significant step towards improving governance practices in the country.
Moving forward, SIGA and the Public Services Commission will collaborate with central management agencies to provide oversight and support to entities under their purview in implementing the Code. This collaboration aims to streamline processes, reduce duplication, and minimize transactional costs for entities, all without compromising their statutory mandates.
The efforts to improve corporate governance in state-owned enterprises are crucial for the sustainable development of Ghana’s public and private sectors.
