Submit audited accounts
-President Akufo-Addo directs State enterprises
By Daniel NONOR, Accra
President Nana Addo Dankwa Akufo-Addo has issued a directive to the management and Boards of all State enterprises to submit their audited accounts and financial statements to the State Interest Governance Authority (SIGA) by May 15, 2024.
Furthermore, the Director-General of SIGA is to furnish the President with the list of all specified entities that flout the directive by May 31, 2024.
The President gave the directive yesterday during the launch of two policy documents at the annual policy forum held by the State Interest Governance Authority in Accra.
The President emphasized that the Public Financial Management Act mandates the submission of audited financial statements for specified entities by the end of April each year.
The two documents launched at the forum were the State Ownership Policy for Specified Entities and the Code of Corporate Governance for Specified Entities and Public Service Organizations.
The policy on Corporate Governance serves as a framework and guide for Boards and Management of POs on how to execute their roles and responsibilities and manage their performance for the benefit of their organizations and the State.
The Code also delves into Environmental, Social, and Governance (ESG) principles, a concept which has gained much recognition in the realm of corporate governance in recent times.
The State Ownership Policy underscores the fact that while the government remains committed to pursuing a private-sector-led economy, the state’s direct ownership of businesses may be necessary to achieve certain objectives, including correcting market failures or meeting public policy goals, among others.
The President indicated that the new policies underscore the importance of ensuring that State-Owned Enterprises operate efficiently, transparently, and remain accountable to deliver optimal benefits to the citizens.
The President recalled that in recent years, Ghana has made significant strides in strengthening corporate governance frameworks across various sectors of the economy and implemented reforms aimed at enhancing transparency, streamlining operations, and mitigating risks of state-owned enterprises. However, he recognized that there is still more to be done, hence the need to launch two new policy documents to enhance further transparency, accountability, and good governance within specified entities.
President Akufo-Addo underscored the importance of good corporate governance, particularly to the management of public enterprises, noting that effective corporate governance requires that decision-making processes are fair, equitable, and in line with the best interests of the corporation.
He expressed satisfaction at the management of State-Owned Enterprises and government’s ambitious targets set for the sector to contribute some 30% to the country’s Gross Domestic Products (GDP).
The Director General of SIGA, John Boadu, in his address, highlighted the Authority’s successes in strengthening corporate governance structures and performance contract management of specified State-owned Enterprises over the years.
He pledged the commitment of SIGA to monitor the performance of specified entities to ensure optimal performance and profitability.
