Minister of Finance, Ken Ofori-Attah has applauded the Director-General for State Interests and Governance Authority (SIGA), Ambassador Edward Boateng for improved compliance with regards to accounts reports and audit of Specified Entities since his appointments.
However, he admonished Specified Entities to improve corporations and submission of audit accounts and reports to contribute to the growth of Ghana’s GDP rate.
In a recent SIGA forum with Specified Entities on the non-compliance of reporting requirement, audited management and financial accounts, the Finance Minister tasked the Chief Executive Officers (CEOs) of the various Specified Entities to portray commitment.
“Today’s discussion as stated earlier has to do with the compliance rate of our Specified Entities. Sometimes I wonder how difficult it is to audit and comply with the office of the Controller and Accountant General’s Department. The government has an interest in these entities, yet they fail to audit their accounts to give us what the government has invested into them. You are taking from the government but you don’t want to contribute to our growth. Sometimes I wonder if that is how most of us here would treat our own businesses. Nonetheless, I would want to congratulate Amb. Edward Boateng for his inputs and hard work as the number of SOEs covered have increased from 19 to 47 as already stated by the Controller and Accountant General, Mr. Kwesi Bosompem,” he said.
On his part, Amb. Edward Boateng, Director- General for SIGA called for collaborative efforts and indulgence. “There is much to be done in terms of our compliance habit with regards to accounts audit and reports. Our set goal is already to contribute 30% of Ghana’s GDP rate and as tedious as it sounds, it’s still not far from us. After the presentations from the Controller and Accountant General’s Department, with the few entities captured on the list, we could see some improved results. We can only change the narrative of inefficiency and contribute to the country’s growth if we improve our compliance rate. I am very passionate about this and I need to communicate that to all. We need to connect the dots, work together and achieve the goals ahead of us.”
Earlier, Hon. Joseph Cudjoe, Minister of Public Enterprises, indicated that managerial set ups lack compliance programmes, hence the challenges with complying to government’s regulations and policies. “When you’re leading a corporation, your dashboard should be your compliance. Just like driving a car or flying a plane, just comply. I call it the (KTR), ‘Know The Rules’ and the policies. If you have a challenge with compliance then you have a challenge with your job. Compliance program is a gab in our managerial set up and we need to address that. We need to set up compliance strategies and set strategic plans to fulfill them. Not forgetting implementation is also everything,” he stressed.
