Prepare, submit financial statements promptly – SIGA tells Specified Entities

Mr John Boadu, Director-General of the State Interest and Governance Authority (SIGA), has urged Specified Entities (SEs) to promptly prepare and submit their financial statements for timely scrutiny.He also charged them to comply fully with all relevant laws and regulations to avoid sanctions.Mr Boadu said this at an inception breakfast meeting to launch an initiative under the Public Financial Management for Service Delivery Program (PFM4SD).The initiative is crucial for improving the management and performance of some 16 selected Specified Entities (SEs), with the primary focus on their Comprehensive Performance Evaluation.It is supported by the World Bank.Giving an overview of the comprehensive performance evaluation, Mr Boadu said the tracker was essential for the sustainable growth of the economy.'This initiative will help us identify areas of improvement within your entities, implement best practices, and ensure operational efficiency and adherence to the highest standards of corporate gov ernance, thereby building public trust and securing financial stability,' he said.He added that the evaluation's outcome, to be submitted to Cabinet on November 30, 2024, would align the activities of SEs and identify areas needing improvement.Mr Joseph Cudjoe, Minister of Public Enterprises, also underscored the significance of the PFM4SD in mobilising and allocating resources while ensuring transparency in budget allocation.He highlighted the crucial role of the 16 selected entities in boosting the country's economic growth and called on them to cooperate fully in the evaluation process by providing the necessary documentation and collaborate closely with the consultants.'The government's ultimate goal is to help SEs generate profits and contribute significantly to the national economy. Your cooperation in this evaluation is vital to achieving this objective,' he emphasised.Dr. Mohammed Sani Abdullai, the Programme Director, PFM4SD, reaffirmed the World Bank's commitment to supporting SIGA in impl ementing the initiative, stressing that the comprehensive performance evaluation would improve transparency, efficiency, and accountability among the SEs.'The performance evaluation is an opportunity for SEs to demonstrate their commitment to good governance and operational efficiency. The World Bank stands ready to support you in this journey,' Dr. Abdullai remarked.Mr. Eric Agyabeng, Head of the Performance Monitoring and Evaluation Division of SIGA, explained that the PFM4SD aimed to ensure fiscal discipline among the SEs.He elaborated on the scope of the selection and evaluation parameters, which include business strategy and social responsibility, operational efficiency, financial performance, and corporate governance practices.Mr. Agyabeng also outlined the numerous benefits of the evaluation such as driving reforms within the SEs and enhancing capacity building.Representatives of the SEs also voiced their concerns and challenges, which were carefully addressed to ensure all parties had a clea r understanding of the evaluation process and its objectives.The project, under Disbursement Linked Indicator 4 (DLI 4) of the PFM4SD Program, involves a thorough evaluation of the 16 selected SEs in areas such as financial performance, operational efficiency, and corporate governance.Findings from the evaluation are expected to be presented to the Cabinet on November 30, 2024.This is expected to guide the strategic direction and management of SEs.Source: Ghana News Agency