President of the Republic Nana Addo Dankwa Akufo-Addo has directed the State-owned Enterprises (SOEs) to strive for compliance with their mandate and ethical standards.
“It is imperative we uphold collectively the principles of good corporate governance, which lead to accountability and transparency to safeguard the interest of the state in the management of public enterprises,” he advised.
By upholding those principles, the nation would better be placed to unlock the full potential of the SOEs as engines of progress and prosperity for all, he said.
President Akufo-Addo was addressing the 2024 Annual Policy and Governance Forum, in Accra.
The event, held under the auspices of the Ministry of Finance and Public Enterprises Secretariat saw the launch of two policy documents to strengthen state ownership policy and adherence to good corporate governance principles.
The agenda is to provide clearly defined objectives for ownership, articulating the establishment of proper systems for managing and assessing the performance of state ownership in public enterprises.
The president stated that the government had increased efforts to enhance transparency and accountability, as well as the effective corporate governance and management of state enterprises.
This is to ensure that they deliver on their mandates and contribute to the national economy.
President Akufo-Addo explained that good corporate governance was fundamental to the management of the economy, particularly in the management of public enterprises.
“Effective corporate governance requires that decision-making bodies are fair, equitable and are in line with the best interest of the corporation.”
“It demands that all the managements of the SOEs operate in the highest standards of professionalism, guided by ethical principles and commitment. It is required for the sustainable development of the nation”, he stated.
The president tasked the entities which were yet to align themselves to the oversight mechanisms Established by the State Interests and Governance Authority (SIGA) to endeavour to do so.
“I implore you to heed this call with urgency.”
“Your reluctance to comply not only erodes the fabric of transparency and accountability but also undermines the integrity of our nation’s financial governance framework”, he cautioned.
