The State Interests and Governance Authority (SIGA), with support from the Ministry for Public Enterprises, (MPE) have organised a meeting for Chairpersons of the Specified Entities (SEs) to interact with the Minister of Finance, Hon. Ken Ofori-Atta.
The meeting dubbed “A Conversation with the Finance Minister” was held at the premises of SIGA.
The meeting is a follow up to an earlier meeting held on 5th April 2022 on ‘Non-Compliance of the Specified Entities (SEs) to relevant laws and regulations’, with Heads of the Public Services Commission, (PSC), the Controller and Accountant General Department (CAGD), Ghana Revenue Authority (GRA), Ghana Audit Service (GAS), Internal Audit Agency (IAA), Fair Wages and Salaries Commission (FWSC) and Public Procurement Authority (PPA) and other oversight bodies.
The objective of the meeting was to create space for frank discussions among key stakeholders on issues pertaining to the SEs. It was also to empower Board Chairpersons to steer their respective Entities effectively, to improve general performance and where applicable profitability. Chairpersons are to help achieve this through improved corporate governance, effective risks assessment, management and compliance to all relevant laws and regulations.
In his remarks, the Director-General of SIGA Amb. Edward Boateng thanked the Minister for Finance and Minister for Public Enterprises for taking time out of their busy schedules to attend the meeting. “This clearly indicates the important role Board Chairpersons play in the development of our SEs and Ghana, as a whole. “
As we are all aware, you, as Boards, hold the magic wand to steer the affairs of the SEs – to enhance corporate governance, transparency, accountability, productivity, and where applicable profitability and also to ensure effective risk management and compliance of your entities to relevant laws and regulation. Indeed, the buck stops with you, hence the seriousness of related sanctions for your negligence and liabilities.” Ambassador intimated.
The Minister for Finance in his deliberations reiterated government’s expectations of Board Chairpersons. He said, “it is my fervent hope that you will put Ghana first in all your dealings and build a corporate culture based on ethical, exemplary leadership and good corporate governance practices. Let us all put our hands to the plough, dig deep and give off our absolute best for the growth and development of our SEs and Ghana, as a whole.”
The meeting provided participants an appreciation how poor corporate governance, weak risk management and non-compliance with relevant laws and regulations have negatively impacted the growth of SEs. This inappropriate and unpleasant situation ought to be reversed the Finance Minister said.
The conversation reminded the Chairpersons about the critical nature of their position and their role in transforming their respective SEs and the State.
The CEO of the Ghana Library Authority Mr Hayford Siaw donated 600 copies of the National lottery Authority(NLA) sponsored and National Council for Curriculum and Assessment (NaCCA) approved Supply Chain Management compendium for distribution to all Board Chairpersons.
The book is the world’s first all inclusive compendium on supply and value chain management and governance: a strategically important subject matter increasingly inextricably linked to regional national, sectorial and organizational growth and development. The book authored by Professor Douglas Boateng and first published and released in 2014 is still to date, the only known all inclusive reference guide in the world for policy makers, business leaders, engineers, academics, students etc on industrialisation, value chain development and governance.