President John Dramani Mahama has directed the Director-General of the State Interests and Governance Authority (SIGA) to ensure that all Chief Executive Officers (CEOs) of State-Owned Enterprises (SOEs) comply with the Assets Declaration Law.
He noted that the Auditor-General would submit a list of those who had complied by an agreed cut-off date and that those who failed to comply would be sanctioned, including possible removal from office.
President Mahama gave the directive during a meeting with CEOs of SOEs on Thursday, March 13, in Accra.
The Public Office Holders (Declaration of Assets and Disqualification) Act of 1998 (Act 550) mandates public officials to declare their assets and liabilities upon their assumption of office.
The law aims to prevent corruption, detect illicit enrichment, and address conflicts of interest by requiring public officials to disclose their assets and liabilities.
“As I said yesterday, you are among the category of public officers obliged to declare your assets upon assuming office and also upon leaving office,” the President said.
“A lot of your predecessors have failed to declare their assets, including ministers and CEOs who have left, and so the Auditor General must follow them and get them to comply.”
The President reiterated that his vision for reform was clear and anchored on performance, accountability and national interest.
He said under his leadership, specified entities would be transformed into engines of growth, aligning with their goal of a 24-hour economy that expanded job opportunities and drove industrialization.
He said at the centre of the transformation was SIGA, which would evolve from a passive observer into an empowered enforcer of national interest.
He reiterated that SIGA would act as a command centre and be equipped with executive Authority to negotiate and enforce performance contracts with heads of entities, and conduct regular in-depth assessments of SOE finances, ensuring transparency and exposing mismanagement.
In addition, it would issue binding directives, implement compliance mechanisms and intervene directly in underperforming entities.
SIGA would also commission independent audits to identify inefficiencies and financial leakages and set and monitor performance metrics, with tangible consequences for non-performance.
He warned that loss-making SOEs would no longer be tolerated; saying “They will be swiftly reformed, mixed, privatized or shut down”.
The President said corruption, procurement fraud and financial mismanagement would be prosecuted strictly, and boards that rubber-stamp poor decisions would be replaced.
President Mahama said the practice also of, in a few cases, using entity resources and funds to indemnify board members from accountability must cease immediately.
He said SOEs must deliver strategic value, particularly in energy, transport, manufacturing, agriculture and finance, to support Ghana’s industrialization and the 24-hour economy initiative.
President Mahama said entities like the Electricity Company of Ghana (ECG), the Ghana Grid Company, Ghana Water Company, Ghana Cocoa Board, Ghana National Petroleum Corporation, MetroMass Transit, Ghana Ports and Harbours Authority, Agricultural Development Bank, National Investment Bank and Telecom SOEs must play pivotal roles in ensuring that the people of Ghana had stable electricity, water supply, production efficiency, transportation, digital banking and a cashless economy that operated on daily basis.
He said additionally, SOEs must be at the forefront of Ghana’s economic transformation; declaring that “they must play a vital role in implementing our administration’s key initiatives.”
These, he said, include the 24-hour economy policy to stimulate job creation, enhance industrial productivity and optimize national output and the Accelerated Export Development Council, which had commenced work to promote exports as part of the nation’s broader strategy for economic transformation.
The President said the Women’s Development Bank, which had received initial seed funding and would soon be operationalized.
He appealed to SOEs to embrace research and development to boost productivity and reduce reliance on public funding.
Dr Cassiel Ato Baah Forson, the finance minister, said under the Public Financial Management (PFM) Act, 2016 (Act 921), SOEs must submit audited financial statements to the Minister within four months after the end of the financial year.
“Moving forward, the Ministry of Finance will work closely with SIGA to ensure strict enforcement of these statutory requirements,” Dr Forson said.
Professor Michael Kpessa-Whyte, Director-General of SIGA, said the Authority would work hard to ensure that the nation’s SOEs operated with the highest standard of governance, transparency and accountability.
