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President Akufo-Addo has tasked the State Interest Governance Authority (SIGA) with enforcing the performance contract of State-Owned Enterprises (SOEs) to the letter.
It instructed the Authority to continue to strengthen and improve its performance management systems in order to have firm control over its jurisdiction.
President Nana Addo Dankwa Akufo-Addo, in a speech read on his behalf at the opening of the 2020 Policy and Governance Forum in Accra, said that the implementation of the performance contract was in line with the government’s dream reflection on Ghana more beyond the Letter of Aid to Public Companies.
The President’s speech was read by Mr. Kwadwo Alan Kyeremanteng, Minister of Commerce and Industry.
The establishment of SIGA dates back to the Secretariat of State Enterprises (SES) which was created in 1965 and which had undergone institutional reforms aimed at addressing the challenges of SOEs.
The forum topic: “FOLLOW: One year later; Achievements, challenges and perspectives ”, attracted several heads of state companies in the country. SIGA received the mandate of the President to supervise and administer the interests of the State in Specified Entities.
President Akufo-Addo said 63 specific entities had signed their performance contracts in 2020, adding that 47 entities signed them last year.
“I strongly recommend to the other entities that have not yet joined that they do so on time. I also urged SIGA to accelerate the development of the Legislative Instrument (Regulation) of Law 990 to solve some initial problems ”.
The President noted that collaboration between the Ministry of Finance and SIGA was imperative and entrusted the Ministry of Finance to support the authority with financial resources to execute its mandate, as well as ensure that the transfer of shares and other pending issues of the companies were finalized. public.
He was excited that SIGA had developed a comprehensive Corporate Governance Code that detailed the basic principles and standards of corporate governance protocols that board members must adhere to.
“This code will be strictly enforced and will apply to all entities specified.”
Therefore, the president urged SIGA management to subject the code to rigorous consultation, discussion and debate with experienced corporate governance experts and industry players before implementing it.
“Continue to improve the positive corporate image that SIGA has earned enviable in this short space-time,” he added.
He said the country is on a firm path of fiscal stability, economic growth and prosperity and urged state entities to take advantage of the achievements in macroeconomic reform and efficient management of public finances.
“This should act as a catalyst for the structural transformation of our economy.”
The president recalled that most of the state entities that his government inherited in 2017 were not financially sound.
However, he noted that these entities had turned their fortunes around and were beginning to make a profit, citing Intercity STC as one such entity.
“As we decide to grow this country” beyond aid, “it is critical that our state entities operate efficiently and profitably so that they can contribute positively to the country’s transformation agenda,” said the president.
Dr. Kwaku Afriyie, Minister of State in charge of SIGA, said that the change brought not only opportunities but also risks that forced everyone to navigate.
He was happy that state-owned companies have now adopted “a new normal for doing business in state agencies and the same has also brought with it the new normal for corporate and responsible governance.”
Dr. Afriyie noted that the annual performance contract process since 2017 has witnessed an upward trend, adding that 25 specific entities signed the 2017 performance contract.
“This has increased by 40 percent to (35) entities in 2018 and 34.3 percent in 2019 to 47 specific entities.”
Dr. Afriyie said that the 2021 Performance Contract Negotiation targeted 96 specific entities.
He said that SIGA had carried out a thorough monitoring, identification and verification of the assets under the assignment program as prescribed by the transitory provisions of Law 990.
“Asset Verification has identified and verified so far more than 650 Assets (Factories, land and Residential Properties) throughout the country under the Divestment Program. SIGA has secured the Assets with manned security personnel ”, he added.
Source: GNA
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