Director General of the State Interests and Governance Authority (SIGA), Stephen Asamoah Boateng, says there has been a significant turn around of State owned Enterprises since President Nana Akufo-Addo created the Authority to supervise their activities.
According to him, SIGA as an entity has, together with the various boards and Chief Executive Officers of state owned businesses, worked to eliminate the pattern of debts that were being accumulated from losses.
Speaking on PM Express on Joy TV, Mr Boateng said majority of government businesses are now making profits, an achievement he attributed to the monitoring and evaluation systems that SIGA has implemented to track the progress of the institutions.
“One reason for the growth of SOEs is the performance contract system that we have built into SIGA which has increased monitoring and evaluation. What we do is we move people on the ground to ask for data. We also ask the companies to feed in the systems we want them to report on so we can do the analysis,” he said.
He hinted that plans are far advanced to make all these processes digital which will make it easier and faster to monitor the progress of SOEs.
Mr Boateng explained further that the other factors that have contributed to the successes of SOEs are the culture of accountability and respect for norms that President Akufo-Addo has built into his appointees.
“The second thing I would say has been a factor in the turn around of SOEs is the culture of accountability and respect for norms that President Akufo-Addo has built into us. So if you do not respect the norms, you will fall foul.
“The last bit is the introduction of corporate governance which has seen boards and the CEOs working together amicably”, he said.
The Director General disclosed that the Authority will soon make public a report which details the financial records of all SOEs since the creation of SIGA.
Latest Stories
-
Herman Suede set to release ‘How Dare You’ on April 22
6 mins -
Heal KATH: Kuapa Kokoo, Association of Garages donate 120k to support project
17 mins -
KNUST signs MOU with Valco Trust Fund, Bekwai Municipal Hospital to build student hostel
24 mins -
The influence Ronaldo has on people, Cadman Yamoah will have same on the next generation – Coach Goodwin
1 hour -
Gender Advocate Emelia Naa Ayeley Aryee Wins prestigious Merck Foundation Awards
2 hours -
South Africa bursary scandal suspects granted bail
3 hours -
Ecobank successfully repays $500m Eurobond due April 18
3 hours -
Re: Doe Adjaho, Torgbui Samlafo IV, call for Unity among Paramountcies in Anlo
3 hours -
Extortion and kidnap – a deadly journey across Mexico into the US
3 hours -
Rihanna says fashion has helped her personal ‘rediscovery’ after having children
3 hours -
Development Bank Ghana targets GH¢1bn funding for commercial banks in 2024
3 hours -
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
4 hours -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
4 hours -
Bright Simons: Is the World Bank saving or harming Ghana?
5 hours -
CAF Cup: RS Berkane banned from entering Algeria because of a map of Morocco with its Sahara
5 hours