Ambassador Boateng’s dream to revamp SOEs on the right footing

fecting the SOEs and ways the entities could improve their performance and achieve the president’s vision of contributing 30 percent to Ghana's gross domestic product.

It was a perfect atmosphere to echo the important role that SOEs play in the development of the nation and emphasized the need for the entities to comply with the directives of SIGA and strive to meet certain performance targets.

Since assuming the position of Director General, Ambassador Boateng has implemented wide-ranging policies with the aim of restoring hope in the SEOs and pushing them to be more accountable to achieve pro tability.

Key among them was the consistent engagement with the leadership of the speci ed entities, the signing of performance contracts with the entities, and the implementation of the Public Enterprises League Table to engender competition among the SOEs.

Ambassador Boateng told journalists at the conference that there had been an improvement in the performance of SOEs, especially with the rate of compliance with the submission of management accounts mandated by law.

"Just two years ago, if you look at the national accounts, only 5 SOEs were presenting their accounts, and that contributed very minimal." "Last year, in 2022, we were able to push it to 47, bringing their contribution to 21 percent," he explained.

Ambassador Boateng led by example when he arranged for the CEOs and Board Chairs to be conveyed by STC buses to the conference to cut cost. He told the participants that the move saved the authority about GHS 100, 000 on fuel.

Ambassador Boateng charged the speci ed entities to publicize their success stories to enable the public to know the e orts they are making to improve their performance and to erase the negative reportage about SOEs over the period.

"You must be intentional about your communication. "Nobody will know about the good things you are doing until you tell them," he said.

President Nana Addo Dankwa Akufo-Addo, who was the Spe cial Guest of Honor at the event, commended SIGA for the instru mental role it is playing to re verse the trend and ensure that SOEs achieve sustainable pro t ability. He extolled SIGA for doing a "yeoman’s job" by pushing for compliance on the submission of management accounts on the part of the SOEs to consoli date the national accounts.

President Akufo-Addo charged the SOEs to submit all their management accounts to the Controller and Accountant Gen eral's Department by February 28, 2022. He also directed the SOEs to submit to SIGA's performance contract process to facilitate the inclusion of their nancial state ments in the preparation of the national accounts.

Mr. Joseph Cudjoe, Minister of Public Enterprises, charged the SOEs to collaborate e ectively and double their work e orts to achieve their target of contrib - succeed with determination...

"Let us not lose sight of e ective collaboration in our rebuilding process," he said. The number of nancial statements submitted by SOEs in the consolidated national accounts the national accounts contributed 30 percent to the national assets. It further increased to 49 percent when 47 SOEs were included in the 2021 national accounts.