President Akufo-Addo has charged heads of State-Owned Enterprises (SOEs) to adopt strategies to improve the financial performance of their institutions.
He tasked them to operate profitably and efficiently and expand their scope of operations to generate employment, wealth for the people, and contribute effectively to the national development agenda.
“At this time that government is doing its best to see to the rapid growth of the economy, we must bring the phenomenon of posting losses to an end…We have to turn over a new leaf.
“The task for all the heads of state institutions is to operate profitably and efficiently” and by so doing, expand their “scope of operations so that they can employ many more people,” he said.
The President made the call when he opened the 2022 Policy and Governance Forum, organised by the State Interests and Governance Authority (SIGA) in collaboration with the Ministries of Finance and Public Enterprises.
This year’s Forum is under the theme, “Improving the Performance of Specified Entities: Leadership and Technology.”
According to the 2020 Auditor-Generals Report, losses posted by State-Owned Enterprises and specified entities between 2018 and 2019 rose by 200 percent, with losses in 2020 at GH₵5.3 billion.
President Akufo-Addo said whilst the government takes the needed measures to grow the economy, it is important that heads of state institutions under SIGA do their part as well.
He stated that late reporting and submission of financial reports by the SOE’s undermined the efforts of the Controller and Accountant-General in the presentation of a global picture for Ghana’s public finances.
“Your leadership to this end is crucial,” the President told the heads and urged them to adopt digital technology for the financing, institutional strengthening, and human capacity building that would be required to achieve the objectives of the Government’s digitalisation agenda.
SIGA was established on June 7, 2019, under the SIGA Act 2019 (Act 990) with the mandate to oversee and administer the performance of SOEs, Joint Venture Companies (JVCs), and Other State Entities (OSEs).