The President of the Republic, Nana Addo Dankwa Akufo-Addo, instructed the Director General of the State Interests and Governance Authority (SIGA) to work with the Auditor General on the causes of the infractions cited in the last report, identify those responsible and make necessary recommendations as prescribed by law.
According to President Akufo-Addo, the 2021 Auditor General’s report has reported an increase in the number of violations committed by specific entities, and this requires responses from the presidents of these entities.
He made it known on Monday, October 3, 2022, when he held a meeting with the Director General of the State Interests and Governance Authority and the presidents of specific entities at Jubilee House, the seat of the nation’s presidency.
According to the President, Specific Entities have been created to provide efficient public services, promote public economic activities and contribute to our GDP, reduce imports, increase exports and thereby strengthen our economy, creating jobs for our people.
Furthermore, he indicated that the Specified Entities have a duty to create the economic superhighway.
“However, the current trend of affairs does not portray that image nor does it reflect positively on the managers of our Specified Entities, the supervisory institutions and the government itself.
It is a clear indication of poor supervision and management, as well as poor enforcement of the implementation and sanctions of the necessary measures,” said President Akufo-Addo. He continued: “I appointed them as leaders of these Specified Entities in the firm belief that they would ensure a positive change in the narrative of loss-making entities and create value for the people of Ghana.
That hasn’t happened, so I expect more from you.”
Thus, the President urged the owners of the Specified Entities to deepen and agree on the causes and seek solutions to address the infractions indicated by the Comptroller General and the 2020 State Ownership Reports.
“I want to see a marked improvement in these reports next year.
Things must change.
Your hard-earned reputation and honor are on the line if things fall apart under your watch, and there are also serious penalties in the SIGA Act and other laws for mismanagement, negligence and outright embezzlement,” he added.
Although he urged the presidents to help change the narrative of the Specific Entities, the President pointed out that “the General Director of SIGA to work with the Auditor General, who is here with us, to delve into the causes of the infractions, identify responsible persons and make the necessary recommendations as prescribed by law.
I am giving you four (4) weeks from now to submit a report to the Chief of Staff.” Therefore, he advocated for good corporate governance practices in the Specified Entities, emphasizing that the boards must desist from interfering in the day-to-day management of their respective Specified Entities and from making unjustified demands on their management.
“They must remember that in each of their entities they have, in addition to the SIGA, a general supervisor or monitor, who is the Minister of the corresponding sector and, ultimately, the Minister of Public Companies.
If the hierarchy is rigorously maintained, we are guaranteed better performance and performance from its various entities,” he stated.
In conclusion, President Akufo-Addo encouraged the Specific Entities to trade with each other, increase production and sponsorship of domestic products and services, adding that “I pledge my full support to SIGA and other oversight institutions to exercise their authority, without fear or favor.