The President, Nana Addo Dankwa Akufo-Addo, has bemoaned the convention of the president and sector ministers having to carry the cross of poor-performing board chairpersons and heads of state entities.
According to him, managers of public entities could no longer be in the shadow, while those at the top face the wrath of the aggrieved citizens.
“Board chairs and entity heads have for a long time been overlooked when blame is being apportioned for the downturn in Ghana’s economic fortunes, with the flak going largely to sector ministers and to Mr. President. You can no longer stay in the shadows while others receive the backlash for the nation’s current problem,” he said.
President Akufo-Addo was delivering a keynote address at the maiden State Interest and Governance Authority (SIGA) annual stakeholder meeting held over the weekend at Kwahu Abetifi in the Eastern Region.
SIT UP
President Akufo-Addo, who had perused the performance of all the entities for the past year, commended those who did well and admonished those underperforming to sit up, particularly as the economy of the country is gradually finding its feet.
He could not accept the logic behind the state entities contributing less than five percent of the Gross Domestic Product (GDP), though it controls half of the national assets.
He told them that their call to service was based on the belief in their capabilities to help develop the nation, with a task to be efficient and profitable where applicable, and contribute significantly to the growth of the economy.
The President entreated the CEOs to own up to the responsibility of making themselves visible and take the front stage in the nation’s development.
He reminded them that as captains of industries, they hold some of the keys to unlocking some of Ghana’s economic potentials.
Adding that, “Jump-starting our economy begins with you, you should be the major drivers of the economy, rather than being a financial burden.”
Reminding the CEOs that they had the responsibility to help steer affairs, President Akufo-Addo also told them that: “We have to sail together or sink together and I have no doubt about your expertise and commitment.”
The SIGA stakeholder meeting was held on the theme: “Time to reflect and rebuild.”
It brought together over 200 CEOs and chairpersons of boards of specified entities in the country.
COMPETITIVENESS
President Akufo-Addo told them that if the economy would be transformed, the specified entities must rise up to the task and be productive enough to support the economy and compete at the global level.
He pointed out that those super entities had historically been characterised with fragmented and uncoordinated oversight, lack of clearly defined ownership framework, poor governance practices and lack of transparency and financial accountability.
He said SIGA was, therefore, established to address those challenges, with a mandate to oversee and administer the state’s interest in specified entities.
President Akufo-Addo said he had taken note of consistent improvements recorded in the performance contracting system, which had seen an increase in participating entities from 47 in 2019 to 63 in 2022.
He noted that even though SIGA had done a good job in streamlining the sector, its biggest challenge was non-compliance, especially with the financial reporting timelines.
“Entities are required to submit management accounts by February 28 to allow the Auditor-General submit audited accounts to Parliament by April 30. This is a requirement of the law and must always be complied with,” he stated.
He also charged chairpersons of boards and CEOs to collaborate with their respective internal auditors in the preparation of the management of accounts to reduce the incidence of infractions in the Auditor- General’s reports.
AFCFTA
Proffering a way forward, President Akufo-Addo, recommended to heads of specified entities to leverage the African Continental Free Trade Area (AfCFTA) to develop intra-African trade.
President was sure that would help increase the country’s exports as well as ensure food security.
AfCFTA provides opportunity for a sure market of about a 1.2billion people on the African continent, an arguable largest single market across the globe.
He gave this advice, believing that the country could only prevail from the current crisis when it increases revenue mobilisation and rationalise its expenditures.
