The Director-General of the State Interests and Governance Authority (SIGA), Ambassador Edward Boateng has disclosed that State Owned Enterprises (SOEs) performances have improved over the years.
He said this during his presentation at the state of agencies report in Accra today, noting that 24 of the 47 SOEs covered in the 2020 State Ownership Report recorded net profits and significant year-on-year improvement.
According to the Director-General, the State Enterprises (SEs) improvement was in accordance with the SIGA Act of 2019 (Act 990), PFM Act of 2016 (Act 921), and PFM Regulations 194, 195 and 196 (Performance Compact).
“Also, the total dividend receipts from Specified Entities as at the end of 2020 year amounted to GH¢ 275.48 million as against a projected target of GH¢290.94 million.
The 2020-year dividends outturn represented an increase of 164.96 percent (GH¢171.51 million) compared to the FY2019 outturn (GH¢103.97Million),” he added.
He noted that a significant number of SOEs between 2017 and 2020 recorded a reduction in losses.
“These include GRIDCO, VRA, and ECG. SOEs aggregate loss was reduced by 49.20% from GH¢5.16 billion in 2019 to GH¢2.61 billion in 2020,” he added.
He also indicated that the number of SEs signing the Annual Performance Contract has increased over the last five years.
Mr. Boateng pointed out that the Authority has collaborated with oversight institutions to improve governance and compliance in SE and increased compliance through reporting, transparency, and accountability to improve financial reporting and compliance of SEs.
“The authority has worked with the Ministry of Public Enterprises (MPE), Ministry of Finance (MOF), Public Services Commission (PSC), Controller and Accountant Generals Department (CAGD), and others to develop policy documents such as the State Ownership Policy, Performance Management Framework for Specified Entities and Code of Corporate Governance for Specified Entities,” he added.
Patience Anaadem, ISD
