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State Ownership Report Delays Must Cease – President Akufo-Addo cautions SOEs
The President of the Republic, Nana Addo Dankwa Akufo-Addo, has charged heads and officials of state-owned enterprises to adhere strictly to the submission timelines instituted by the State Interests and Governance Authority (SIGA) on the preparation and further publication of State Ownership Reports.
“As a follow-up to this directive, I expect the Director General of SIGA to furnish me with the list of all specified entities who have not complied with this directive by May 31, 2024,” President Akufo-Addo has directed.
Speaking at the launch of two policy documents, namely, the Code of Corporate Governance for Specified Entities and Public Service Organisations in Ghana and on the State Ownership Policy for Specified Entities, during the 2024 Annual Policy and Governance Forum, on Tuesday, April 23, 2024, the President said, this important duty is a key part of measures by government to enhance transparency and accountability in the governance and management of our public enterprises, thereby ensuring that they deliver on their mandates, and contribute to the national economy.
With SIGA mandated to prepare the State Ownership Report, which serves amongst others, as an accountability and transparency document, President Akufo-Addo said the reports, give government and the public access to information on public enterprises’ financial and non-financial performances.
Citing non-compliance to the submission of financial statements by public entities as a key constraint to preparation and publication of SORs, the President said with these financial statements becoming central to the preparation of the SOR, board chairs of all specified entities, in the Cabinet approved list of entities, are expected to submit their audited accounts and statements to SIGA by May 15, 2024.
He further urged specified entities who are yet to align themselves with the oversight mechanisms established by SIGA, to heed the call with urgency, adding that their “reluctance to comply, not only erodes the fabric of transparency and accountability, but also undermines the integrity of our nation’s financial framework.”
“It is imperative that we uphold collectively the principles of good cooperate governance, which leads to accountability and transparency, to safeguard the interest of the State, in the running of public enterprises,” he said.
Reminding participants of government’s resolve to ensure that the public enterprises sector, contribute about 30 percent of the country’s GDP, he said considerable strides towards this target has been made as latest reports from the Controller and Accountant General’s Department indicate that the number of specified entities, included in the national accounts, has increased from 19 in 2020 to 62 in 2022.
Additionally, “entities signing performance contracts with SIGA rose from six in 2016, to 73 in 2023, thus underscoring how transparent and accountable government has been so far as governance and management of our public enterprises are concerned.”
He singled out for special recognition and praise, the management of entities like, BOST, VRA, TDC Development Company Limited, and Ghana Re-insurance amongst others, for transforming successfully the entities from debt-ridden to profitable public enterprises.
“TDC Development Company Limited and Ghana Re-insurance holds special significance for me, due to the steadfast commitment, to paying dividends consistently to the government and I take this opportunity to encourage the other SOEs to emulate their laudable feat,” President Akufo-Addo indicated.
He said the policy document as launched provides clearly defined objectives for ownership and articulates the establishment of proper systems for managing and accessing the performance of the state ownership interests in our public enterprises.
In the light of these, “my government has implemented reforms, aimed at enhancing transparency, streamlining operations, and mitigating risks within state-owned enterprises, however, we recognise that there is still more work to be done, hence the need to launch the two new policy documents on, The Code of Corporate Governance for Specified Entities and Public Service Organisations in Ghana, and secondly, The State Ownership Policy for Specified Entities, to enhance even further, transparency, accountability and good governance within our specified entities.”
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ASWIM lauds Prof Naana Jane Opoku-Agyemang
The Association of Women in the Media, (ASWIM) has congratulated Professor Naana Jane Opoku-Agyemang on her historic achievement as Ghana’s first female Vice President.
The association said her trailblazing journey with sterling accomplishments from academia to politics, is undoubtedly, a vivid inspiration to countless women and girls across Ghana and Africa.
This was contained in a statement signed by its president, Mrs Mavis Kitcher, and copied to The Spectator on Tuesday in Accra.
“ASWIM celebrates your remarkable career, marked by numerous firsts, including the first female Vice-Chancellor of the University of Cape Coast, (UCC), and the first female to hold a professional chair in Ghana, (UCC),” the statement said.
It said the accomplishments of Prof Opoku- Agyemang were clear testament to the brilliance, resilience and resourceful nature of the complete beautiful African woman.
“As she takes on this new role, ASWIM proudly lauds her commitment to education, women’s empowerment, distinguished public service and patriotism and is very confident that her pursuit of excellence, love for humanity, humility, decency, modesty and commitment to the welfare of the vulnerable will characterise Ghana’s political leadership and public service,” the statement added.
By Jemima Esinam Kuatsinu
Entertainment
Demolition of Fantasy Dome unfair — Mark Okraku-Mantey
Months after the Fantasy Dome was dismantled to make way for construction at the Ghana International Trade Fair site, the Deputy Minister of Tourism, Arts and Culture, Mr Mark Okraku-Mantey, has expressed concern over the manner the facility was destroyed.
In an interview on Daybreak Hitz with Andy Dosty, Mr Okraku-Mantey criticised the handling of the dome’s dismantling, suggesting that it could have been done without causing damage.
“I don’t think that leadership gave instructions that they should do what happened. The structure was a prefab but I hear the people destroyed it. That one, we cannot defend it. It is unfair to him (owner). Sometimes, you give instructions and people will go and do things that will make you look bad,” he stated.
When asked about any punitive measure against the workers responsible for the destruction, Mr Okraku-Mantey clarified that the Trade Fair does not fall under his ministry.
He said he had previously contacted the owner, Leslie Quaynor, to discuss relocating the dome, and even suggested the National Museum as a potential site, though it was too small.
The demolition of the 20,000-seater Fantasy Dome occurred on March 16, 2024.
According to Dr Agnes Adu, CEO of the Ghana Trade Fair Company Limited, the action was taken after multiple notices were given to Quaynor to vacate the premises for redevelopment, as per their tenancy agreement.
Dr Adu noted that all previous tenants had complied except for the Fantasy Dome.
Quaynor, in an interview with JoyNews, confirmed that his lease had ended, and was in the process of relocating the dome.
He had requested an extension, which was denied, leading him to seek a writ and an injunction from an Accra High Court to halt the demolition.
Despite this, the demolition proceeded, causing significant damage to the structure.
Quaynor described the incident as a major setback, not only for his business but also for the entertainment industry, which relies on venues like the Fantasy Dome.
