Delays in State Ownership Reports will no longer be tolerated- Akufo-Addo to heads of entities

President Akufo-Addo has cautioned heads and management of state-owned enterprises that delays in the preparation and publication of state ownership reports which allow the government and the general public to access information and the performance of public enterprises, will no longer be tolerated.

The President has thus directed that all board chairs, heads of state entities, and their management teams must ensure that they comply with they comply fully with the submission requirements set out by the State Interest and Governance Authority (SIGA) henceforth.

President Akufo Addo was addressing the 2024 Annual Policy and Governance Forum on the theme: “Maximizing Benefits from State Ownership/Interest through Effective Corporate Governance”in Accra.

He said timely compliance with the SOR requirement of SIGA by state entities will help prevent delayed reporting which could negatively affect the terms of the country’s financial arrangement with the World Bank.

“SIGA is mandated to prepare the state ownership report (SOR) which serves among others as an accountability and transparency document.

Key among them is the noncompliance of public entities to the submission of finance statements.

All board chairs, entities, and management teams are hereby instructed to comply fully with the submission requirements of SIGA” President Akufo-Addo further stated.

At the event, the Director General of SIGA, Mr John Boadu, Deputy Minister for Finance, Dr Stephen Amoah, the Minister for Public Sector Reforms, Samuel Cudjoe, and the Board Chairman of the Public Service Commission Prof.

Victor Kwame Agyeman, pledged to work hand in hand to ensure that the code of corporate governance for specific entities and public service organizations in Ghana is first adopted by all state entities and is fully implemented by all institutions that are bound by its provisions.

The Code of Corporate Governance for Specified Entities and Public Service Organizations in Ghana”, issued by the State Interests and Governance Authority (SIGA) and the Public Services Commission (PSC), in collaboration with the Ministry of Finance and the Public Enterprises Secretariat, is intended to provide guidance and transform the corporate governance practice in the Specified Entities (SEs) and Public Service Organizations, (PSOs) collectively, referred to as Public Organisations (POs).

Studies, including a World Bank Assessment in 2015, identified the major causes of the poor performance of public organisations (POs) to include weak corporate governance and management, fragmentation of the oversight responsibility, political interference in their management and general mismanagement of these organisations.

These contributed significantly to the running down and eventual collapse of several national commercial and noncommercial entities.

These entities were established after Ghana’s independence in 1957 to facilitate the efficient running of public and private organisations for national development.

The Code also delves into Environmental, Social, and Governance (ESG) principles, a concept that has 2 gained much recognition in the realm of corporate governance in recent times.

The issuance of this Code represents a feather in the cups of SIGA and PSC.

Beyond this code, the two institutions will continue to collaborate, and with other central management agencies, provide effective oversight and support to the Entities under our respective purview, in the implementation of this Code.

This will help avoid duplication and minimise transactional costs for the Entities, without compromising on their respective statutory mandates.

By Nana Adua