Finance Minister, Ken Ofori-Atta has charged state institutions to conduct their business in accordance with the relevant Acts and high ethical standards.
According Ken Ofori-Atta, one major challenge we face as a country is that many Specified Entities are not complying with government’s laws, regulations and policies and this may be attributed to lack of compliance programmes for the SEs by Boards and Management, among others.
Speaking at a meeting for Chairpersons of Specified Entities (SEs) organized by the State Interests and Governance Authority (SIGA), with support from the Ministry for Public Enterprises, (MPE) dubbed “A Conversation with the Finance Minister”, Ken Ofori-Atta said, “The issue of compliance and enforcement have simply not been prioritized by State institutions. In leading an institution, compliance enables the SE to see how well things are going – what is going right or wrong and how adverse consequences can be prevented.”
He added that, Accountable institutions must conduct their business in accordance with the relevant Acts stated above and with high ethical standards and avoid undertaking acts that are in contravention of the relevant acts and guidelines.
Mr. Ofori-Atta admonished all SEs to endeavor to “establish robust governance and management practices to promote effective and profitable operations,
Formulate relevant and sound policies and strategic plans and ensure that they are fully implemented and monitored;
Serve and protect the Shareholder’s (Government of Ghana) interests;
Ensure compliance with relevant laws, regulations, guidelines, targets and Key Performance Indicators set in the Annual Performance Contract.”
State Interests and Governance Authority (SIGA)
The meeting is a follow up to an earlier meeting held on 5th April 2022 on ‘Non-Compliance of the Specified Entities (SEs) to relevant laws and regulations’, with Heads of the Public Services Commission, (PSC), the Controller and Accountant General Department (CAGD), Ghana Revenue Authority (GRA), Ghana Audit Service (GAS), Internal Audit Agency (IAA), Fair Wages and Salaries Commission (FWSC) and Public Procurement Authority (PPA) and other oversight bodies.
The objective of the meeting was to create space for frank discussions among key stakeholders on issues pertaining to the SEs. It was also to empower Board Chairpersons to steer their respective Entities effectively, to improve general performance and where applicable profitability. Chairpersons are to help achieve this through improved corporate governance, effective risks assessment, management and compliance to all relevant laws and regulations.
In his remarks, the Director-General of SIGA Amb. Edward Boateng thanked the Minister for Finance and Minister for Public Enterprises for taking time out of their busy schedules to attend the meeting. “This clearly indicates the important role Board Chairpersons play in the development of our SEs and Ghana, as a whole. “
