President Akufo-Addo has issued a stern directive to heads and management of state-owned enterprises, warning that delays in preparing and publishing State Ownership Reports (SORs) will no longer be tolerated.

Speaking at the 2024 Annual Policy and Governance Forum, the president emphasised the importance of timely compliance with the submission requirements set out by the State Interest and Governance Authority (SIGA).

Underlining the significance of SORs as accountability and transparency documents, President Akufo-Addo underscored their role in providing access to information on public enterprises' performance.

He highlighted the adverse impact of delayed reporting on the country's financial arrangements with international bodies like the World Bank.

The President instructed all board chairs, heads of state entities, and management teams to ensure full compliance with SIGA's submission requirements to prevent further delays.

The President's directive comes with a SIGA deadline for the completion of the 2023 SOR, set for August 31, 2024. Failure to meet this target he noted could have adverse consequences for the country's financial arrangements with the World Bank.

“SIGA is mandated to prepare the state ownership report (SOR) which serves among others as an accountability and transparency document. The SOR gives government and the public access to information on public enterprises, and financial and non-financial performance.

“With funding from the World Bank to finance the ‘Public Management of Service Delivery Programme’, the public enterprises’ secretariat in collaboration with SIGA, and the public investments and assets division of the Ministry of Finance is working to ensure timely reporting of public enterprises performance.

“The 2023 SOR is the first to be published under the ‘Public Management of Service Delivery Programme,’ and it is expected to be completed on or before 31 August 2024. Failure to achieve this target will affect adversely the terms of our financial arrangement with the World Bank,” President Akufo-Addo said.

President Akufo-Addo also commended the progress made towards the ambitious goal of having the public enterprises sector contribute 30% of the country's gross domestic product (GDP).

He cited increased revenue and enhanced transparency and accountability in the governance of public enterprises as positive developments under his administration.

At the event, officials including the Director-General of SIGA, Deputy Minister for Finance, Minister for Public Sector Reforms, and the Board Chairman of the Public Service Commission pledged their commitment to implementing the Code of Corporate Governance for Specified Entities and Public Service Organizations in Ghana. This code aims to improve corporate governance practices and enhance the performance of public organizations.

SIGA, established under the State Interests and Governance Authority Act 2019, plays a crucial role in overseeing and administering the state's interests in various entities. Its mandate includes providing effective oversight and support to state-owned enterprises, joint-venture companies, and other state entities.

GA/SARA