In an exclusive interview, John Boadu, Director General of the State Interests and Governance Authority (SIGA), unveiled the remarkable strides made in revolutionizing Ghana’s State-Owned Enterprises (SOEs). Since 2016, SIGA has spearheaded a transformative journey, prioritizing transparency, accountability, and profitability.
*From Darkness to Light: Unveiling SOE Performance*
Boadu proudly highlighted the significant progress achieved:
– 2016: Only 2 out of 175 entities submitted audited reports.
– Present day: 55 entities audited, targeting 130 by year-end.
This increased transparency has yielded impressive results:
– Contribution to GDP soared from 50 billion in 2020 to 419 billion in 2022.
*The Power of Accurate Reporting*
Boadu emphasized the importance of accurate reporting, revealing a startling fact:
– Metropolitan and District assemblies hold more assets than the central government.
*Overcoming Challenges, Embracing Change*
While acknowledging challenges in getting SOEs to accept oversight and prepare performance contracts, Boadu expressed optimism:
– 79 entities set to sign contracts in 2023.
He stressed the need for adaptability, citing the example of TOR:
– Established to stabilize oil prices, but accumulated losses due to inefficiencies and outdated machinery.
*Modernizing SOEs for a Competitive Edge*
“We must change our old ways of doing things,” Boadu urged, emphasizing the importance of:
– Modernizing SOEs
– Enhancing efficiency
– Fostering competitiveness in today’s economy
*A New Era for Ghana’s SOEs*
Under Boadu’s leadership, SIGA is driving a cultural shift, prioritizing transparency, accountability, and profitability. As Ghana’s SOEs continue to evolve, the nation can expect:
– Improved governance
– Enhanced economic contributions
– A brighter future for generations to come
