State Interests and Governance Authority (SIGA) in collaboration with the Ministry of Public Enterprises on 7th September 2021 at the Labadi Beach Hotel have organised a stakeholders’ consultative workshop on the draft code of corporate governance.
The Director-General of State Interests and Governance Authority (SIGA), Hon. Asamoah Boateng in his opening remarks at the forum explained that the workshop has become necessary giving the feedbacks that SIGA had with the 70 specified entities from the negotiations that emerged in last month ceremony.
Hon. Asamoah Boateng maintained that there is a need to instil discipline, compliance and accountability in the State-Owned Enterprises (SOEs), Joint Venture Companies (JVCs) and State Entities, hence, the meeting to advance and improve on one of the key performance enhancing initiatives.
The Director-General of SIGA said that in order for the wish of President Akufo-Addo to have specified entities play a vital role in funding numerous ambitious projects his government is pursuing, stakeholders in the public enterprises must recognise each other’s unique contribution in the corporate governance architecture to speed up this economic recovering process.
“It is in this light partly that we have gathered today at this conference to provide the platform for stakeholders to provide input into the draft code of corporate governance to address the corporate governance difficulties at our various agencies and institutions that we are faced over the years”, he explained.
He noted that inadequate governance frameworks and procedures are crucial contributors to many specified entities poor financial performance in Ghana.
He added that State Institutions in Ghana are governed by complicated work of leadership involving Parliament, Ministries, Regulatory Bodies, governing Board, MDs and CEOs who have various reporting responsibilities and are key to the corporate governance architecture.
“The division of responsibilities and accountability for performances especially between the board and the management sometimes leads much to be desired. In my opinion, we can all agree that if we want to give the public something to be proud of, we cannot continue to do business as usual and run state entities the way they have been run in the past”, he indicated.
As part of the mandates of SIGA, Hon. Asamoah Boateng stated that his outfit is enjoined by section 4 (d) of the Act (Act 990) to develop a code of corporate governance to serve as a framework for the said specified entities’ actions and performances; thus, the stakeholders’ consultative workshop on draft code corporate governance.
“Although SIGA is the driving force behind the endeavour, we, however, believe that to produce a document that would stand the test of time, the quality document that would be owned and accepted by all stakeholders, it is important to have the participation and involvement of all parties, hence the need for this forum”, he stated.
He mentioned that the presentations do not represent the government’s or State Interests and Governance Authority’s (SIGA’s) final position but rather reflect the internal debates that have gone on.