A new Authority to streamline and address the oversight and coordinating challenges that have bedeviled state enterprises and agencies has been launched.
Known as the State Interest and Governance Authority, (SIGA), the new entity will also monitor the performance of State owned enterprises and sort out ownership issues.
President Nana Addo Dankwa Akufo-Addo who launched the Authority in Accra at the 2019 Policy and Governance Forum, urged the Management and Board to repudiate the culture of failure and make state owned enterprises profitable.
In the early years of Ghana’s Independence several Enterprises were established to operate in critical sectors of the economy to improve the standard of its people.
To provide institutional support to enhance performance of these enterprises, several reforms were introduced through the enactment of status and establishment of associated agencies to deal with oversight and coordination.
With the passage of time, most of the enterprises have become outmoded and suffer failure.
Most of these SOEs today continue to perform below expectation and others near collapse because of its huge indebtedness.
It’s for this reason that SIGA was established by an Act of parliament to put state owned enterprises and joint venture corporations on the path of profit making.
President Akufo-Addo was hopeful the new Authority would help infuse best private sector practices and make these SOEs profitable.
The President warned the board of severe legal consequences for mismanging such state institutions.
The new Authority will be headed by former Minsiter of Information, Stephen Asamoah Boateng with a Minister of state Dr. Joseph Aidoo as the supervisory Minister.
Story filed by Bright Ntramah
