Infractions recorded by SOEs in A-G’s report yearly saddening – IoD

The Governing Council of the Institute of Directors Ghana (IoD-Gh) has expressed disappointment over the yearly infractions and irregularities recorded by State Owned Enterprises in the Auditor General’s report.

The Institute noted that it is disheartening to realise that the infractions were a result of poor oversight.

“It is indeed very disheartening to learn and observe that these yearly irregularities occurred as a result of poor oversight responsibility and nonexistent or weak internal controls. As the leading advocate for good corporate governance and ethical leadership in Ghana, IoD-Gh reiterates our unwavering and total commitment to upholding the highest standards of corporate governance in Ghana,” parts of a release by the Institute noted.

“Even though we are saddened by this report by the Auditor General, we are very hopeful that this offers an opportunity for close collaboration to establish and sustain best practices to ensure better corporate outcomes,” it explained.

The IoD has therefore called on these institutions to employ their services to foster a collaborative approach in order to overcome these challenges.

It furthered that “Our resolve is to continue playing an active role in improving the culture of good corporate governance, which will ultimately lead to the growth of our economy and the prosperity of Ghana. In this regard, the Institute stands ready to collaborate with any and all stakeholders in both public and private sectors to effectively address the challenging issues raised in the Auditor-General’s report”.

The 2022 Auditor General Report showed total irregularities worth ¢15.059 billion among Public Boards, Corporations, and other Statutory Institutions.

The discovery also included $1.477 billion converted into Ghana cedis at the prevailing exchange rate of ¢8.5760 to US$1 as of December 31, 2022, and £61,748 converted into Ghana cedis at the prevailing exchange rate of ¢10.3118 to £1 as of December 31, 2022.

SSD/NOQ