Submit to SIGA's oversight - President Akufo-Addo to SOEs

President Nana Addo Dankwa Akufo-Addo has raised concerns over the non compliance of some state-owned enterprises (SOE) to the oversight of the State Interest and Governance Authority (SIGA).

Speaking at the 5th annual SIGA Stakeholders Engagement held Kwahu Nkwatia in the Eastern Region, President Akufo-Addo noted that thanks to the collaborative efforts of SIGA and national institutions, the aggregate losses of state-owned enterprises have fallen sharply from GH¢14.4 billion in 2022 to GH¢2.6 billion in 2023.

“The Auditor-General’s report confirms this progress, showing a decline in irregularities from GH¢15.059 billion in 2022 to GH¢8.799 billion in 2023, representing a 41.64 percent reduction,” he added. 

President Akufo-Addo however lamented that despite the progress made, some specified entities continue to operate at a loss and certain institutions have resisted SIGA's oversight stressing the importance for such issues to be addressed swiftly. 

He emphasised that transparency and accountability remained the foundations of effective governance and that SOE being superintended over by SIGA was not a hindrance to their autonomy but rather a step in the interest of the people. 

“Transparency and accountability are not negotiable. They are the bedrock upon which effective governance is built. Submitting to the oversight of SIGA and signing performance contracts is not an infringement on the autonomy of these entities.It is a necessary step to ensure that they operate in the best interests of the people of Ghana,” the President said. 

President Akufo-Addo said that his government's mandate has always been to leave behind a public sector that is stronger, more resilient, and more adequately equipped to meet the demands of the future. 

He recalled the enactment of legislative  reforms such as the Public Financial Management Act, the New Companies Act, the SIGA Act, the Right to Information Act, and the Office of the Special Prosecutor Act, explaining that they had all been designed to empower citizens, to hold public institutions accountable, and ensure that national resources are managed with integrity and efficiency.

The President therefore called on all stakeholders to continue building on the foundation laid by his administration to meet the 30 percent target contribution to GDP set for specified entities.

“We must continue to leverage technology to drive efficiency through our national digitalisation agenda, uphold corporate governance standards, invest in the capacity building of our institutions, and nurture strategic partnerships that create value,” he added.