Stop posting losses – Akufo-Addo to heads of State entities

President Nana Akufo-Addo Friday charged heads of State entities to adopt strategies to improve the financial performances of their institutions.

They should operate profitably and efficiently, and expand their scope of operations to generate employment, wealth for the people, and contribute effectively to the national development agenda.

The President gave the charge when he opened the 2022 Policy and Governance Forum organised by the State Interests and Governance Authority (SIGA) in collaboration with the Ministries of Finance, and Public Enterprises.

This year's Forum is under the theme, “Improving the Performance of Specified Entities: Leadership and Technology.”

According to the 2020 Auditor-Generals Report, losses posted by State Owned Enterprises and specified entities between 2018 and 2019 rose by 200 percent, with losses in 2020 at GHc5.3 billion.

President Akufo-Addo said whilst the government took the needed measures to ensure the growth of the country's economy, heads of State institutions under SIGA must do their part as well.

He stated that the late reporting and submission of financial reports by the SOE's undermined the efforts of the Controller and Accountant General in the presentation of a global picture for Ghana's public finances.

"At this time that government is doing its best to see to the rapid growth of the economy, we must bring the phenomenon of posting losses to an end…We have to turn over a new leaf.

"The task for all the heads of State institutions is to operate profitably and efficiently” and by so doing, expand their "scope of operations so that they can employ many more people."

“Your leadership to this end is crucial," the President told the heads, and urged them to adopt digital technology for the financing, institutional strengthening and human capacity building that would be required to achieve the objectives of the Government's digitalisation agenda.

SIGA was established on 7th June, 2019, under the SIGA Act 2019 (Act 990) with the mandate to oversee and administer the performance of State-Owned Enterprises (SOEs), Joint Venture Companies (JVCs) and Other State Entities (OSEs).

GNA