President Nana Addo Dankwa Akufo-Addo has warned chief executive officers (CEOs) and board chairmen of state-owned enterprises (SoEs) that excuses for non-performance will no longer be tolerated.
The president gave the warning when he addressed CEOs and board chairmen of SoEs at the SIGA Annual Stakeholder Meeting in Kwahu in the Eastern region,
“Jump starting our economy begins with you.” You should be the major driver of the economy rather than an add on or additional burden. It’s unacceptable for specified entities that control half of the nation’s assets to contribute less than 5 percent to the nation’s GDP.
Your task is simple, be efficient and profitable where applicable, and contribute significantly to the growth of the economy. “You have the responsibility to steer your individual entities towards economic development by encouraging innovation, growth and conducting sustainable business in accordance with good corporate governance practices.”
The president believes the ability to survive will depend on how united the CEOs are against the challenges that confront them.
“I have no doubts that your expertise and commitment will ensure that we get to the shores of economic stability and growth without any casualties. Excuses for non-performance should no longer be tolerated, steer the ship as an able captain or be kicked out.
He also urged all specified entities to submit to SIGA’s performance contracting process because it will facilitate the inclusion of the financial statement in the preparation of the national account.
“Cabinet has approved the specified entity list, which will soon be published by SIGA. I have therefore instructed the DG of SIGA to furnish me with the list of all specified entities that failed to comply. Sector ministers should also treat the signing of the annual performance contract between SIGA and the specified entities with all the seriousness it deserves.”
The president further commended SIGA for series of meetings with specified entities and stakeholders which he says has brought harmonizations
“I commend SIGA for its effort in harmonizing this oversight. Prior to this harmonizations most of these oversight bodies were working separately. I charged the DG of SIGA to go a step further to find a way to foster collaboration with the office of the special prosecutor, the Attorney General, and the Commission on Human Rights and Administrative Justice to bring sanity to these specified entities’ spaces and help move our country to a situation beyond aid.”
The annual stakeholder engagement, themed “A Time to Reflect and Rebuild,” brought together board chairs, CEOs of specified entities, and other relevant stakeholders in accordance with Section 30 of the SIGA Act 2019 (Act 990). Participants discussed strategic initiatives aimed at transforming the specified entities into high-performing organizations and ensuring they meet the president’s vision of contributing 30% to Ghana’s GDP.
By: Joseph Nii Ankrah
