President Akufo-Addo to deliver Keynote Address at 2021 Performance Contract Ceremony of SOEs
President Nana Addo Dankwa Akufo-Addo would on Monday July 26, deliver the keynote address at this year’s Performance Signing Ceremony of Specified Entities (SEs), including State Owned Enterprises, Joint Venture Companies and other Public Corporations.
Director-General (D-G) of the State Interests and Governance Authority (SIGA), disclosed this during separate media interviews ahead of the annual performance signing contract ceremony which comes off at the Movenpick Ambassador Hotel in Accra.
After the formation of SIGA in 2019, government transferred its shares and carried interests in Specified Entities (State-owned Enterprises (SOEs), Joint Venture Companies (JVCs) and Other State Entities (OSEs) to the single entity (SIGA). This required that SIGA takes steps to ensure that SEs adhere to good corporate governance and operated in ways that generated profit and or efficiency to government and by extension the taxpayer.
The Performance Contract Signing Ceremony (PCSC)
As part of efforts at ensuring that these State Entities lived up to their tasks and in fulfilment of SIGA’s legal mandate, the annual Performance Contract Signing Ceremony was instituted.
According to Hon. Asamoah Boateng, “We believe that staff, management and boards should be paid very well but salaries and allowances should be tied to performance. It is based on this that State Entities are expected to negotiate a performance contract, which become the basis upon which they are assessed”
The performance contract signing ceremony starts with a performance contract evaluation, the climax of which is the performance Contract Signing Ceremony in which Chief Executives or heads of Stated Entities and their board chairpersons attend and sign a document which would be used to evaluate their performance in the ensuing fiscal year.
This year’s edition is the second following the maiden edition which was held at the Labadi beach hotel in Accra under the distinguished patronage of the Vice President of Ghana, H. E. Alhaji Dr. Mahamudu Bawumia.
This year’s event will witness 3 major additions to it, the first is the presence of the President of the Public of Ghana H.E. Nana Addo Dankwa Akufo-Addo to deliver the Keynote Address under the theme: “Driving Implementation of Performance Enhancement Measures in SOEs, JVCs and other State Entities.”
Secondly, unlike previously where Dr. Kwaku Afriyie was the Minister of State in-charge of State Enterprises, this year there is a substantive minister in-charge of Public Enterprises, Hon. Joseph Cudjoe. Interestingly, the former minister would be attending as a sector minister for Environment Science Technology and Innovation, the third, departure from last year is the change of venue.
In all 70 entities will be represented by their heads and board representatives in addition to 18 sector ministers. The time is 8: am prompt with the Ghana Police Band in attendance