The Director General of the State Interest and Governance Authority (SIGA), Ambassador Edward Boateng has vowed to institute more rigorous measures in order to make State-Owned Enterprises (SOEs) in the country more profitable.
In an interview with ABC News on its maiden Ghana Rising show on Wednesday, October 4, 2023, Amb. Boateng highlighted SIGA’s dedication to enhancing corporate governance, accountability, and profitability within SOEs in the country in a way that will enhance their financial performance.
“It is about good corporate governance and ensuring that people are responsible and accountable. When you go to the advance countries, CEOs of state-owned institutions are reprimanded for not meeting their target.
“That is why SIGA was established in the first place to look at all these and make recommendations. So far, SIGA has been able to bring certain changes to how SOEs operate, and we are working to make sure that in a few years to come, majority of SOEs will be profitable,” he said.
The proposed measures to achieve this transformation he said are expected to include rigorous performance evaluations, increased transparency, and heightened accountability at all levels of these organizations.
He said, already, the results of SIGA’s interventions are tangible, with a substantial reduction in total losses incurred by SOEs. He revealed that between 2019 and now, these losses have dropped from 6.3 billion to 1.6 billion Ghana cedis, marking an impressive 74% reduction.
This remarkable achievement, Amb. Boateng said underscored the effectiveness of SIGA’s strategic initiatives and its commitment to elevating the financial performance and overall efficiency of SOEs in the country.