Hot!
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.”
Hot!
Traders, ‘Okada’ riders take over Circle pavement
• Korle-Bu CEO with staff of Nivaansh MediQas
Activities of traders and drug addicts are contributing to make the Kwame Nkrumah Interchange (Circle) area very uncomfortable and unsafe for commuters.
Day in and out, pedestrians are ‘ejected’ from the pavement created for their safety as traders preferred to sell their wares on that space.
That hinders the free movement of the pedestrians.
The small space left for the pedestrians are also shared with ‘Okada’ riders.
As if these woes are not enough for a commuter on a single day, they also have to navigate carefully to avoid clashes with drug addicts and the mentally challenged.
These people have turned the pavements into their places of abode, covering every inch of space with their wares.
Our photographer, Lizzy Okai, captures some of the unfriendly scenes the authorities must try and deal with to restore sanity to the area.
By Lizzy Okai
Hot!
NDC outlines demands before committing to Peace Pact
The National Chairman of the opposition National Democratic Congress (NDC), Johnson Asiedu Nketia, has set forth specific conditions that the party insists must be met before considering signing the Peace Pact advocated by the National Peace Council in anticipation of the December 7 elections.
Mr. Nketia expressed scepticism about the effectiveness of past Peace Pacts, highlighting that they had not achieved their intended outcomes, particularly referencing the 2020 elections, during which eight NDC members were allegedly killed by national security operatives without accountability.
During an August 20 meeting with the National Peace Council at the NDC headquarters, Mr. Nketia detailed the certain conditions for the NDC’s participation in the Peace Pact.
The NDC is demanding that the recommendations from the investigation into the violence during the Ayawaso West Wuogon by-election be fully implemented.
They also want those responsible for election-related violence in the last election to be prosecuted, stressing the importance of justice and prevention.
The party is calling for accountability regarding irregularities in the printing of ballot papers and insists that visible measures be taken to prevent such issues from happening again.
They are also pushing for a thorough investigation into the missing IT equipment from the Electoral Commission’s (EC) warehouse, expressing concerns about the integrity of the EC’s systems and the potential bias of its staff.
Furthermore, the NDC is urging the President to publicly commit to respecting the results of the 2024 elections. Lastly, the party insists that the Peace Pact should be signed by key figures, including the Inspector General of Police, the Chief Justice, the Attorney-General, and the National Security Coordinator, before they will consider signing it themselves.
Source: Citinewsroom.com
