John Apontuah Kumah
GOVERNMENT HAS introduced plans to put in force a financing coverage for specified entities, specifically state-owned enterprises (SOEs) within the brief to medium time period.
Talking on behalf of the Finance Minister, Ken Ofori Atta, on the 2022 SIGA Coverage and Governance Discussion board in Accra, Deputy Minister Dr John Apontuah Kumah, mentioned the desired entities are anticipated to perform at the power in their stability sheets and capitalisation.
He defined that the transfer is to be funded most effective throughout the sale of non-strategic state property, and no longer drawn from tax earnings or added to the general public debt.
The discussion board presented stakeholders the chance to inspect insurance policies and measures that will have to be carried out to make certain that SOEs can create jobs and give a contribution their quota to nationwide building.
Commenting at the theme ‘Bettering the efficiency of specified entities: management and era,’ Dr. Apontuah mentioned company governance projects will translate into bettering entities’ monetary efficiency and governance.
Additionally highlighting the reforms which have been initiated to toughen the efficiency of specified entities, he discussed such SOEs because the Electrical energy Corporate of Ghana (ECG), Ghana Nationwide Petroleum Company (GNPC), Ghana Water Corporate Restricted (GWCL), TDC Construction Corporate, and Volta River Authority (VRA).
The deputy minister, who may be the MP for Ejisu, mentioned Govt, with the International Financial institution’s improve, has concluded company governance critiques and evolved company governance motion plans for 8 (8) further entities specifically, Financial institution of Ghana (BoG), COCOBOD, Graphic Communications Team, Ghana Ports and Harbours Authority (GPHA), Nationwide Insurance coverage Fee (NIC), Nationwide Pensions Regulatory Authority (NPRA), the Securities and Change Fee (SEC) and SSNIT.
He warned that the Finance Ministry is not going to imagine any request for presidency improve from any specified entities that fail to fulfill the reporting necessities specified within the PFM Act, PFM Laws, and SIGA Act.
“In session with the Minister for Public Enterprises, Joseph Cudjoe, I’ve directed the Director-Basic of SIGA to make certain that suitable sanctions and consequences are carried out for infractions of the PFM Act, PFM laws, and SIGA Act, together with a advice for taking away participants of governing our bodies,” he quoted his boss, Ken Ofori-Atta, as pronouncing.
He persisted that the discussions will make clear the duty bestowed at the newly appointed administrators in steerage the affairs of specified entities and main their entities to leverage suitable gear of era to toughen their control and operations.
He urged the board and control of the desired entities to undertake enduring trade fashions that reinforce productiveness, industrial viability, and in the end monetary sustainability.
Indicating that efficient management will probably be essential in breaking the ‘inefficient state corporations’ narrative, he mentioned efficient management will have to make certain taking duty for assembly objectives agreed underneath efficiency contracts with SIGA.
BY Daniel Bampoe