President Nana Addo Dankwa Akufo-Addo has directed the State Interests and Governance Authority (SIGA) and the Auditor-General, to investigate the causes of infractions of Specified Entities cited in the 2021 Audit Report, identify persons responsible and make recommendations as prescribed by law.
The 2021 Auditor-General’s report has cited numerous infractions on the part of Specified Entities—State Owned Enterprises (SOE), Joint Venture Companies (JVCs), and other Specified Entities (OSEs), showing an increase in infractions, which demands answers.
At a meeting with the Chairpersons of the Special Entities (SE), on Monday at the Jubilee House, President Akufo-Addo said “I am giving them four weeks from now to submit a report to the Chief of Staff.”
He told the Chairpersons that “Your hard-earned reputation and honour are at stake if things crumble under your watch and there are also serious sanctions in the SIGA Act and other laws for mismanagement, negligence and outright malfeasance.”
Specified Entities, President Akufo-Addo stated, had been set up to provide efficient public services, promote public economic activities and contribute to GDP, reduce imports, increase exports and strengthen the economy, whilst creating jobs and an economic superhighway.
However, the President said the current trend of affairs neither portrays that picture, nor reflects positively on the managers of “our Specified Entities, oversight institutions, and the government itself.”
That, according to President Akufo-Addo, was an indication of poor supervision and management, as well as poor enforcement of implementation and sanctions of the needed measures.
“I appointed you as leaders of these Specified Entities with the strong belief that you would ensure a positive change in the narrative of loss-making entities and build value for the people of Ghana, he told the Chairpersons…. so, I expect more from you.”
The President urged heads of Specified Entities to investigate and agree on the causes and find solutions to address the infractions pointed out by the Auditor-General and the 2020 State Ownership Reports.
The President, thus, advocated for good corporate governance practices in Specified Entities, stressing that boards must desist from interfering in the day-to-day management of their respective Specified Entities and making unwarranted demands on their management.
President Akufo-Addo encouraged Specified Entities to trade amongst themselves, and increase production and patronage of domestic products and services, adding that “I pledge my full support to SIGA and other oversight institutions to exercise their authority, without any fear or favour.”
Rex Mainoo Yeboah, ISD