Pre-contract-signing negotiations with Specified Entities
In line with His Excellency President Nana Addo Dankwa Akufo-Addo’s GHANA BEYOND AID agenda, the State Interests and Governance Authority (SIGA) is in full swing with the execution of its mandate. SIGA, was established on 7th June, 2019 with the passage of the SIGA Act 2019 (Act 990); and has the following objects:
- promote within the framework of Government policy, the efficient or where applicable profitable operations of specified entities;
- ensure that specified entities adhere to good corporate governance practices;
- acquire, receive, hold and administer or dispose of shares of the State in state-owned enterprises and joint venture companies;
- oversee and administer the interests of the State in specified entities; and
- ensure that
- State-owned enterprises and joint venture companies introduce effective measures that promote the socioeconomic growth of the country including, in particular, agriculture, industry and services in accordance with their core mandates; and
- other State entities introduce measures for efficient regulation and higher standard of excellence.
With these objects, SIGA becomes the shareholder for these entities in which the State has interest.
Indeed, these institutions (SOEs, Public Corporations, Joint Venture Companies and others specified under the SIGA Act), control about fifty (50) percent of total state assets, and therefore, their survival or otherwise, have implications for the economy. Over the years however, most of them have, to a large extent not been successful in realizing the objective for which they were set up.
These state of affairs, undoubtedly has been as a result of several factors which includes:
- non-adherence to good corporate governance practices,
- disregard for best financial management practices
- phenomenal increases in debt portfolios
- demoralized workforce. etc
With a determination to bring about a new mindset and make these institutions more business-like, the State Interests and Governance Authority (SIGA) under its Director General Hon. Stephen Asamoah-Boateng and his management team, has been working assiduously with the Boards and CEOs of these state entities to ensure that the President’s vision of transforming them into viable and thriving avenues for growth and job-creation is realized.
In furtherance to achieving this; and in compliance with Regulation 196 of the Public Financial Management Act, these Specified Entities are made to sign Annual Performance Compacts with the the Government of Ghana. And as part of the process over 60 Specified Entities have completed negotiation sessions with SIGA; culminating into a Performance Contract Signing Ceremony which will take place on 8th January, 2020, at the La-Badi Beach Hotel, Accra. This event, will be graced by His Excellency Dr. Mahamudu Bawumia, the Vice President of the Republic of Ghana.
In preparation to participate in next year’s programme, other institutions (SOEs, JVCs, Other State Entities) shall be present as observers.
The following Entities have so far been taken through the ongoing pre-contact-signing negotiations:
- Ghana Irrigation Development Authority
- Ghana Civil Aviation Authority
- Metro Mass Transit Company Ltd.
- Ghana Post Company Ltd.
- Ghana Airports Company Ltd
- Community Water and Sanitation Agency
- Bui Power Authority
- State Housing Company Ltd.
- Bulk Oil Storage and Transportation Company Ltd.
- National Food Buffer Stock Company Ltd
- Ghana Publishing Company Ltd.
- Ghana Shippers Authority
- Ghana News Agency
- Ghana Broadcasting Corporation
- Environmental Protection Agency
- Ghana Heavy Equipment Ltd.
- Ghana Trade Fair Company Ltd.
- GIHOC Distilleries Company Ltd.
- TDC Development Company Ltd.
- Ghana Commodity Exchange
- GNPA Ltd.
- Grains and Legumes Development Board
- National Theatre of Ghana
- Ghana Highway Authority
- Ghana Meteorological Agency
- Ghana National Gas Company Ltd.
- Ghana Maritime Authority
- Ghana Water Company Ltd.
- PSC Tema Shipyard
- Forestry Commission
- Venture Capital Trust Fund
- Volta Lake Transport Company Ltd.
- Precious Minerals Marketing Company Ltd.
- Driver and Vehicle Licensing Authority
- Ghana Ports and Harbours Authority
- Ghana Supply Company Ltd.
- Ghana Grid Company Ltd.
- Ghana Railway Development Authority
- Architectural & Engineering Services Ltd.
- Ghana Railway Company Ltd
- PBC Ltd.
- Ghana Cylinder Manufacturing Company Ltd.
- Electricity Company of Ghana
- Data Protection Commission
- Gaming Commission
- Accra Digital Centre
- Water Resources Commission
- Graphic Communications Group Ltd.
- Ghana National Petroleum Corporation
- New Times Corporation
- Tema Oil Refinery