The State Interests and Governance Authority (SIGA) is stepping up its State-Owned Enterprise (SOE) reform efforts following a working session with the World Bank’s Public Financial Management for Sustainable Development (PFM4SD) Programme. The meeting focused on clearing implementation challenges, strengthening governance, and aligning SIGA’s SOE strategy with national priorities.
Led by Director General Prof. Michael Kpessa-Whyte, the session highlighted the need to advance the SOE Deep Dive Analysis, identified as essential for addressing emerging risks. After delays caused by procurement issues, SIGA has acted to resolve them and ensure the analysis begins without further interruption. The results will be integrated into the Annual Governance and Institutional Performance Assessment Report (AGIPAR) to help address structural and financial issues affecting entities such as the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD).
A key outcome is the alignment of SIGA’s deep dive analysis and broader reform agenda with upcoming directives from the Office of the President. These directives aim to improve the performance of 16 priority SOEs and ensure SIGA’s regulatory actions are consistent with government policy.
The session also set out measures to strengthen financial integrity. SIGA and the Ministry of Finance (MoF) will deepen collaboration to improve transparency and ensure effective budget use. There was also a clear preference for independent external audits to strengthen confidence in SOE financial reporting. Advocacy efforts are being incorporated to support the continuity of these reforms beyond political cycles.
The World Bank reaffirmed its commitment to providing technical assistance, capacity-building support, and compliance training for SOE Boards of Directors and Chief Executive Officers.
Next steps include the submission of a detailed analytical briefing by the Project Coordinating Officer to the World Bank PFM4SD team. SIGA Management will also confirm whether SIGA or the Ministry of Finance will lead the execution of the Deep Dive.
The session reflects a renewed joint effort to advance reforms in Ghana’s SOE sector through timely implementation, strengthened accountability, and long-term sustainability.