SOEs seek Private Capital
. For increased efficiency & productivity
By Isaac AIDOO, Accra
Director General of the State Interests and Governance Authority (SIGA) Mr Edward Boateng has reached out to the business community in Ghana and implored them to partner State Owned Enterprises (SOEs) for increased efficiency and productivity.
Addressing businesses and captains of industry at the 3rd Chief Executive Officers (CEOs) breakfast meeting organised by the Ghana Investment Promotion Centre (GIPC) in Accra on Tuesday, Mr Boateng said expressed confidence in the abilities of private sector players to revolutionize the operations of the country’s SOEs.
“Our doors are open so if you have ideas, you want to partner any state entities, we are ready to work with you,” the SIGA boss told the businesses.
The meeting, a special one for companies in the Ghana Club 100 bracket was themed ‘Public-Private Partnership: Bridging the Gap for Inclusive and Sustainable Economic Development.’
Mr Boateng revealed that more partnerships were in progress through collaboration with the GIPC to attract private investors and revitalize additional state entities.
SIGA had therefore decided to collaborate with the GIPC to “see where we can bring in foreign capital businesses to help turn around the state entities.”
“We want to work with entrepreneurs and successful business people like you to change the fortunes of our state-owned agencies,” Mr Boateng stated.
He stated further that his main focus was to get he agencies to get their acts together because “the agencies can only have the private sector if they themselves can ensure that their books are in order , adhere to corporate governance principles, the boards are working and people know why they have put where they are.”
Accountability for SOEs key
Stressing the importance of SOEs ensuring accountability and moving away from the loss-making mentality into profitability, the SIGA boss said his outfit was working hard to get SOEs to be accountability compliant, adding “if there is proper accountability, these entities will grow.”
He observed that most of the state entities had, prior to the new SIGA Act never presented properly audited accounts. That status quo was changing, as reforms were underway.
The SIGA DG highlighted the coordinated efforts of his outfit and other regulatory bodies in driving compliance, improving financial reporting, and enhancing good corporate governance standards within Specified Entities. He emphasized the pivotal role played by the public sector in establishing robust structures, which he referred to as “creating the economic superhighway,” essential for private businesses to thrive.
“Over the last four years, SIGA has worked to create an enabling environment for Specified Entities to be self-sufficient.” “We are committed to forging strategic collaborations between our Specified Entities and the private sector in order to achieve economic growth in Ghana,” he stated.
Songhor salt project revived
Mr Boateng who alluded to the success story of the Ada Songhor lagoon project which is now up and operational shared insights into how ongoing Public-Private Partnerships were contributing to the revival of dormant state entities.
The mine, operated by the McDan Group, currently has the ability to produce some 650,000 metric tonnes of salt per annum.
Commenting on the project, Mr Boateng said it took the collaborative efforts of President Akufo-Addo, SIGA , the Ministry of lands and Natural Resources and others to turn around the project to become, arguably “now the biggest salt mine in Africa.”
