President Nana Addo Dankwa Akufo-Addo has called on State-Owned Enterprises (SOEs) to work collectively to jump-start the economy.
He noted that as the captains of the industries in the country, they hold the key to unlocking Ghana’s full economic potential.
To this end, he has charged SOEs and specified entities to work in line with the directives of the State Interest and Governance Authority (SIGA) to ensure state accountability.
“Board chairs and entity heads have for a long time been overlooked when playing blame is being apportioned for the downturn in Ghana’s economic fortunes. With the flag going largely to sector ministers and to Mr. President, you can no longer stay in the shadows whilst others receive the backlash for the Nation’s current problems” he said.
President Akufo-Addo was speaking at the 2023 Annual Stakeholder Engagement held at Kwahu in the Eastern Region which brought together Board Chairs, CEOs of Specified Entities, and other relevant stakeholders.
This is in accordance with Section 30 of the SIGA Act 2019 (Act 990).
SIGA through the State Interests and Governance Authority Act, 2019 which replaced State Enterprises Commission (SEC) was tasked with addressing the poor performance of SOEs, weak governance structures, and streamlining the activities of all SOEs to ensure public accountability and generate revenue to develop the economy.
Addressing participants on the second day of the three-day event, President Akufo-Addo said the Russian-Ukraine crisis and Covid-19 have destabilized the world economy and the SOEs have a duty to ensure that the economy is back on track.
According to him, it is unacceptable for specified entities who together control half of the Nation’s assets to contribute less than 5% to the nation’s GDP.
He, therefore, said the SOEs should be the major drivers of the economy.
“Jumpstarting our economy begins with you. You should be the major drivers of Ghana’s economy rather than being an add-on and a financial burden…Your call to this service was based on the belief in your capabilities to help develop our Nation. Your task is simply to be efficient and profitable where applicable, and contribute significantly to the growth of the economy,” he continued.
On fiduciary responsibilities of the SOEs, the president said the late and non-submission of financial statements undermines the works of the controller and accountant general in providing the global picture of Ghana’s public finances.
He however applauded the Director General of SIGA and the Auditor General for expeditiously undertaking the assignment of investigating the causes of infractions, identifying the persons responsible, as well as making recommendations to address the issue.
He notes that the number of financial statements in the consolidated national accounts has risen from 19 in 2020 to 47 in 2021 through collaborative efforts between SIGA and the Controller and Accountant General’s Department.
As such, he said Chairpersons of Boards and Chief Executive Officers are expected to collaborate with their respective internal auditors in the preparation of their management accounts to reduce incidents of infractions in the ongoing 2022 audit process in line with the report’s recommendations.
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Source: Anthony Sasu Ayisadu/ATLFMNEWS
