These were set up as tools for the implementation of national development plans and policy. In order to provide institutional support to enhance the performance of these enterprises, several reforms were introduced to deal with their oversight and coordination. With the passage of time, however, such reforms suffered from lack of capacity, financing, amongst others. There were also the issues of Ownership of State Assets, Corporate Governance, lack of Institutional coordination resulting in turf wars and “silos mentalities”, amongst others, etc.
The passage of the SIGA Act 2019 has addressed such deficiencies and gone further to clothe the Authority with strong Ownership responsibilities of acquisition, receipt, holding and administration or disposal of shares of state-owned enterprises and joint venture companies. SIGA has also been mandated by law to take the principles of Good Corporate Governance practices beyond the traditional areas of SOEs and JVCs and now extending it to Other State Entities (OSEs) including non-profit making Institutions such as Regulatory Authorities.
My vision is for SIGA to provide first-class Ownership and Governance role to propel SOEs, JVCs, and OSEs for Excellent performance. In order to achieve this vision, SIGA will diligently work to ensure an increase in shareholder value to yield a reasonable return on investments through sound financial management and good corporate governance practices; strive to become center of excellence in assembling industry and service experts for positive collaborative, coordination and competitive mindset and; work hard to ensure excellent participation of citizens through relationship building and; to apply appropriate sanctions where necessary.
SIGA, therefore, will be:
- building strong and resilient human, structural and management systems that can handle the expertise required in the various industries and services to make its monitoring and evaluation work more effective and efficient.
- providing better coordination and collaboration among SOEs, JVCs and OSEs to stop the “silos mentality” and to bring synergies amongst them.
- designing the classification of existing SOEs into those that: (i). must be solely held by the State; (ii). private sector partners must be involved and; (iii). must be restructured and divest.
- building its systems, mostly, alongside commercial mindsets and first-class service delivery mechanisms that put emphasis on increasing shareholder value of State Assets; continuous training and retooling of employees within SIGA itself and in SOEs, JVCs and OSEs and; focus on delivering value for money and service satisfaction to customers, consumers and the citizenry. SIGA will ensure that the SOEs in particular, set better standards in the markets they operate and also compete fairly to become market leaders.
- guided by the principles of the market forces as well as the need to safeguard public interests that ensure social cohesion and community/citizens participation in the operations of SOEs, JVCs and OSEs.
- ensuring the adaptation and the right mix of the changing technological, environmental and human resources to transform our socio-economic development. SIGA will do away with the manual reporting and employ real-time reporting for all Entities to be part of the paperless highway. The Performance Contract mechanism will be enhanced to cover all Institutions and its enforcement tied into remuneration and reward packages.
- working closely with the institutions mandated to reform our public sector service delivery programs and national development planning. SIGA will work to set the high standards of performance that form the foundation for the growth of the private sector. This will be a win-win situation for the public-private partnership programs of the State.
- working with government and other state institutions to fight against corrupt practices and, sometimes pure thievery, in SOEs, JVCs, and OSEs that comes under its mandate. Strict sanctions will be developed in collaboration with other Stakeholders as a deterrent to fight the theft of the state assets.
- working with all stakeholders, especially the public to ensure the financial sustainability of our SOEs and JVCs. This means, ensuring revenues due are collected, expenditures are controlled within acceptable limits and, wastage and leakages are blocked.
It is my vision to ensure SIGA works to serve and promote the mutually beneficial conducive environment. This will be anchored on respect for each other and our professional roles; enhanced Communication and Dialogue; better Coordination and Collaboration. A Stakeholder Manual of building relationships will be prepared to enhance Openness, Transparency, and Accountability. Again, the appropriate Regulations will be developed and passed to strengthen and enhance SIGA working operations in a win-win situation.
The other side of the coin will be the responsibilities of all SOEs, JVCs, and the Other State Entities to buy into the innovative Code of Good Corporate Governance; conscientiously work according to agreed Performance Contract mechanisms; adhere to Statutory legal frameworks including their own enabling laws which spells out their objects and functions, the Public Financial Management Act 2016 and the new Company Act 2019. The SIGA Act enjoins it to apply appropriate Sanctions for compliance.
In conclusion, SIGA will serve all SOEs, JVCs, and OSEs with respect, dedication, hard work, diligence and, provide support to enable Management and Boards of Directors to focus on their mandate to deliver the best results. On the flip side will be to utilize the powers of the sanctions to keep everyone on track and to give an account of the stewardship to the appointing authority, on whose mandate we serve and, ultimately, to the satisfaction of other Stakeholders especially fellow citizens.
Amb. Edward Boateng
