Accra: Over one hundred State-Owned Enterprises (SOEs) have adhered to President John Dramani Mahama's directive to submit their audited accounts to the State Interests and Governance Authority (SIGA), according to Professor Michael Kpessa-Whyte, Director-General of SIGA. This development was disclosed during a high-level meeting on performance contracts with selected specified entities held in Accra.
According to Ghana News Agency, the meeting gathered key public officials from various state entities to emphasize the critical importance of compliance with performance contracts and the consequences of non-compliance. This assembly followed a fruitful meeting in March between the Chief Executive Officers of SOEs and Joint Ventures and President Mahama. The CEOs were guided through the modalities of the performance contracts, which include key variables such as efficiency, productivity, management improvement, project implementation, and economic and financial positions.
Professor Kpessa-Whyte noted, "A large majority of them, I don't have the current figure, but a large majority of them, perhaps about 140-150, did comply. We had submitted a report to the Presidency because, if you recall, the President also stated that SIGA was given until the 14th of May to submit a report on the compliance of the entities. We had submitted that particular report to the Presidency."
The Director-General clarified that some entities failed to comply due to delays in constituting their boards. He explained that some were unable to sign the audited accounts because their boards were not in place, while others were still waiting on auditors. He also stressed the importance of adhering to the Public Financial Management Act by submitting audited and management accounts annually to SIGA, as required by the Act.
A significant focus for SIGA is the debt management strategies of SOEs. Professor Kpessa-Whyte emphasized that SOEs must submit their borrowing requests to SIGA for assessment before proceeding. He highlighted the necessity of performance contracts in addressing the debt challenges faced by state-owned enterprises, warning that operating without such contracts could lead to unregulated spending.
