President Nana Addo Dankwa Akufo-Addo has warned Chief Executive Officers (CEOs) and Board Chairmen of State Owned Enterprises (SOEs) to sit down or risk being fired as the country’s economy faces one of the toughest times in history.
He said CEOs and board chairmen of certain entities have long been ignored when they are blamed for the decline in Ghana’s economic fortunes, blaming the sector ministers and the President.
In his keynote speech at the State Interest and Governance Authority (SIGA) annual stakeholders meeting held in Kwahu Abetifi in the Eastern Region, President Akufo-Addo said that these CEOs cannot remain in the shadows while others receive backlash for the country. issue.
“The time has come for you to take this responsibility and take the front stage in the development of our nation. As the captain of our industry, you hold some of the keys to unlock some of Ghana’s full economic potential.
“Jump-starting our economy starts with you, you should be the main driver of the economy instead of being a financial burden,” he said.
President Akufo-Addo (3rd from left) with some participants
The SIGA stakeholder meeting was held under the theme: “Time for reflection and rebuilding.”
It brings together more than 200 CEOs and board chairmen of certain entities in the country.
Correct the call for service
The President said it is unacceptable that certain entities, which together control half of the country’s assets, contribute less than five percent to the gross domestic product (GDP).
“Your call to this service is based on the belief in your ability to help develop our nation and your task is easy, efficient and profitable if applicable and make a real contribution to economic growth,” he said.
He said he hopes that the entity should contribute about 30 percent to the GDP.
“I am asking you all to reflect deeply on the current state of our country, what is your contribution and what can you do to change the situation.
“Reasons for non-performance will no longer be tolerated….. Steering the ship as the captain can or kicked out,” he cautioned.
Using AfCFTA
President Akufo Addo also urged certain entities to use the African Continental Free Trade Area (AfCFTA) Secretariat to develop intra-African trade opportunities.
This, he said, would help increase the country’s exports as well as ensure food security.
“Our nation is facing one of the most difficult times in its history and the challenges before us are terrifying but we can overcome them. We can only win when we increase our revenue mobilization and rationalize our expenditures.
“You have the responsibility to direct individual entities to economic development by encouraging innovation and growth. We must sail together or sink together and I have no doubts about your expertise and commitment,” he said.
We are not in normal time
The President noted that although the world is experiencing the fourth industrial revolution, the country, unfortunately, is lagging behind in this regard.
He said that if the economy is to be transformed, a determined entity must do the job and be productive enough to support the economy and compete at the global level.
He stated that these entities have historically been characterized by fragmented and uncoordinated supervision, lack of a clear ownership framework, poor governance practices and lack of transparency and financial accountability.
He said SIGA was established to address these challenges, with a mandate to monitor and regulate the country’s interests in certain entities.
President Akufo-Addo said that he has noted the consistent improvement recorded in the performance contract system which has increased the participating entities from 47 in 2019 to 63 in 2022.
That, he said, has good profit, evidence from the story of Tema Development Company and State Housing Company.
He said entities such as the Ghana Grid Company Limited and the Volta River Authority have also significantly reduced their losses, a significant turnaround.
He noted that while SIGA has done a good job of streamlining the sector, the biggest challenge is non-alignment, especially with financial reporting timelines.
“Entities are required to submit their management accounts on February 28 to allow the Auditor General to submit their audited accounts to Parliament on April 30. This is a legal requirement and must be followed,” he said.
He also demanded the chairman of the board and the CEO to collaborate with their respective internal auditors to prepare account management to reduce the incidence of violations in the Auditor-General’s 2022 report.
Source: graphic.com.gh
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