STATE-OWNED ENTERPRISES TURN AROUND: LOSSES SLASHED BY 82%

In a remarkable achievement, State-Owned Enterprises (SOEs) have reduced their financial losses from a staggering GH¢14.4 billion in 2022 to a mere GH¢2.6 billion in 2024, President Akufo-Addo announced at the 2024 SIGA Annual Stakeholders Engagement.

SIGA’S IMPACT

The President attributed this significant improvement to the establishment of the State Interests and Governance Authority (SIGA) under the SIGA Act 2019. SIGA has instilled good governance, transparency, accountability, and fairness, leading to enhanced performance and increased contributions to GDP, now standing at 10%.

KEY ACHIEVEMENTS

• SOEs’ losses reduced by 82%
• GDP contributions increased from 3% in 2020 to 10% in 2024
• 147 specified entities filed audited financial statements and management accounts, up from 16 in 2019

CALL FOR IMPROVEMENT

Despite this progress, Dr. Kwabena Donkor, Chairman of the Parliamentary Committee on Public Administration and State Interests, raised concerns over some SOEs’ failure to publish audited accounts, citing Tema Oil Refinery (TOR) as an example. He urged a review of appointment processes and better compliance with financial reporting.

SIGA’S 5TH ANNIVERSARY

The event marked SIGA’s 5th anniversary, themed “5 Years of Championing Specified Entities’ Governance and Growth: The Challenges and The Way Forward.” Director General John Boadu lauded SIGA’s success in ensuring compliance, while President Akufo-Addo emphasized the vision of building a “Ghana Beyond Aid” with public enterprises operating under the highest standards of governance, integrity, and accountability.