SIGA chalks achievements five years after establishment

The State Interests and Governance Authority (SIGA) says it has made significant progress in the quest to revitalise Specified Entities to become economically viable.The Authority said five years since its establishment, it had improved the Financial Reporting and Compliance of Specified Entities as a result of monitoring efforts of SIGA and stakeholders.Speaking at a forum for Editors in Accra, Mr John Boadu, Director-General, SIGA, said together with the Controller and Accountant General Department, the Authority had increased the number of Specified Entities captured in the Consolidated National Accounts of Ghana from 19 entities in 2020 to 62 in 2022.The 'SEs' contribution to GDP has surged from GHS 10B in 2020 to GHS 58.27B in 2022 and total assets in the National Account rose from GHS 51.8B in 2020 to GHS 419.2B in 2022,' he said.Established in 2019 through the SIGA Act (Act 990), SIGA replaced the Divestiture Implementation Committee (DIC) and the State Enterprises Commission (SEC) to oversee and manage the State's interests in Specified Entities.The Authority is mandated to ensure that these entities achieve shareholder value, maintain financial sustainability, and adhere to principles of good corporate governance.The five-year anniversary celebration of the Authority is on the theme: 'Five Years of Championing Specified Entities' Governance and Growth-Challenges and Way Forward.'Mr Boadu said SIGA had enhanced the Annual Performance Contracts with Specified Entities, and expanded the coverage from 50 entities in 2020 to a projected 79 in 2024.He said SIGA had also developed the Code of Corporate Governance and the State Ownership Policy (SOP) to strengthen compliance.'For the first time, SIGA has successfully launched three State Ownership Reports in a single year-2021, 2022, and 2023-ensuring our compliance with the Public Financial Management for Service Delivery Programme.This timely reporting marks a significant step towards greater transparency and accountability of our Specifie d Entities,' he said.Mr Boadu appealed to the media to support SIGA to achieve its objective of resetting State Entities to become profitable.'Together, we can ensure that the story of SIGA and our Specified Entities is told accurately and effectively. I am confident that with your support, we will be able to fulfill our mandate and contribute to the growth and development of our nation,' he said.Source: Ghana News Agency