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Business News Wed, 11 Dec 2019

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Run SOEs like private firms – Akufo-Addo to SIGA Chair

President Nana Akufo-Addo has called on the Board Chairman of the State Interest and Governance Authority (SIGA), Mr Terrance Darko, to do all within his power to infuse best private sector practices in the day to day activities of state-owned enterprises.

Addressing the Board Chairman after administrating the Oaths of Office and Secrecy to him, President Akufo-Addo said with the wealth of experience that the Board Chairman has as a private sector operator and as a past president of the Ghana Employers Association, the entire Board and management of SIGA must transform how state enterprises are governed.

"I am hopeful that together with the other members of the Board and the management of SIGA, you will help infuse best private sector practices in the management of our country's public enterprises to make them productive", President Akufo-Addo said.

"It is my expectation and, indeed, that of every Ghanaian that SIGA works in tandem with the respective sector agencies and their boards to assist in moving our country to the path of progress and prosperity", President Akufo-Addo added.

The Chairman's Response

The Board Chairman of SIGA, Mr Terrance Darko, in his response to the charge of the President, indicated that he is greatly honoured that the President has bestowed such a great responsibility on his narrow shoulders.

"I do promise that we will do our best to our ability", Mr Darko said.

Members of the Governing Board

The Governing Board has Mr Terrance Darko as its Chairman. Mr Stephen Asamoah Boateng, the Director-General of the State Interest and Governance Authority (SIGA); Mr Kow Essuman, a representative from the Office of the President; Mr David Collison, representative nominated by the Ministry of Finance; Mr Franklin Owusu Asafo Adjei, representative nominated by the Institute of Chartered Accountants, Ghana; and Mr Felix Intrakwah, representative nominated by the Ghana Bar Association, are members of the board. The rest are Mr Elikem Kunyehia, Miss Yasmin Baba, and Dr. Margaret Duah Atuahene, all of which are nominees of the President.

SIGA

SIGA is the acronym of a body corporate established with the passage of the State Interests & Governance Authority Act 2019 (Act 990) in June 2019; with the mandate to oversee and administer the state's interests in state-owned enterprises, joint venture companies and other state entities and to provide for related matters. With the presidential assent of SIGA given on 7th June 2019, the laws which established both the State Enterprises Commission (SEC) and the Divestiture Implementation Committee (DIC) are repealed; with their assets and liabilities transferred to the new entity.

Rationale Behind SIGA

SIGA is designed to provide a far better ownership and governance framework for SOEs, JVCs, OSEs than previously existed. This is to increase shareholder value and better returns on investment; provide better coordination among state entities (commercial and non-commercial) and other stakeholders, enhance the capacity of heads and employees to deliver on their core mandate in the changing environment and to give the customer and consumer satisfaction.

Source: Class FM

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