As of 31 December 2012, GoG had reported equity holdings in 103 companies, representing a total book value of approximately GHS 1.8 billion. However, the full list of entities, operating status, and market value of all Government’s equity holdings had not been established. The government of Ghana initiated a policy reform to centralize the management of its equity holdings in SOEs and Joint Venture Companies in a Single Entity.


The Government of Ghana through the Ministry of Finance 2018 undertook an equity study and to among other things prepare:

  • A database of entities.
  • Analysis of market values of GOG equity holdings.
  • Recommendation on portfolio management strategy.
  • Recommendation on inclusion in the centralized ownership agency

Based on the first equity study and its recommendations, the oversight body, SIGA was established in 2019 by an act of parliament, Act 990 as an Authority, to oversee and administer the State interests in state-owned enterprises, joint venture companies, and other state entities and to provide for related matters.


The object of the Authority requires among other things, Section 3, to:

  • Promote within the framework of Government policy, the efficient or where applicable profitable operations of specified entities.
  • Acquire, receive, hold, and administer or dispose of shares of the State in State-Owned Enterprises and Joint Venture Companies.


To achieve the objects in section 3 of Act 990, the Authority is required under section 4 of its Act, to among other things, do the following:

  • in consultation with the respective sector Ministers:
  1. evaluate the mandates of State-owned enterprises and other State entities and make recommendations to the relevant sector Minister; and
  2. evaluate the strategic plans, and organizational structures of State-owned enterprises and other State entities and make recommendations to the relevant sector Minister.




  • Monitor and evaluate the performance of Joint Venture Companies.


The objectives and functions of the Authority make the equity study a regular operational activity in line with its active portfolio management strategy. SIGA’s portfolio management strategy seeks to among other things undertake:

  1. Financial reviews and analysis of GOG equity holdings.
  2. Valuation to determine the market value of GOG equity holdings.
  3. Portfolio recommendation.
  4. Recommendation on the classifications of SIGA’s SOEs portfolio.


SIGA’s task to undertake regular equity study will require a scientific approach and best practice methodology, criteria, and processes, hence the need for a portfolio review framework to provide the basis for undertaking financial analysis, equity valuation, and portfolio management strategies. The framework for the portfolio review is expected to be supported by robust portfolio analytic tools and resources for effective portfolio management recommendations.


An internalized effective portfolio management framework is foundational for SIGA to achieve its overarching mandate. As a result, SIGA has obtained funding from AFD and intends to apply portions of the expenditure to secure the services of a consulting firm to provide it with a comprehensive portfolio review framework to enable the Authority undertake periodic financial analysis, valuations, portfolio reviews and recommendation of GOG’s equity interest in State Owned Enterprises (SOEs), Joint Venture Companies (JVCs) and Public Corporations (“portfolio of companies”) for effective Government policy decisions, promotion of efficiency and where applicable profitable operations of the state’s portfolio of companies.



In view of the above, SIGA with funding from the “Agence Francaise de Developpment” and in collaboration with Expertise France (EF) intends to engage the services of an experience and capable Firm to undertake Consultancy Services for the Development of Equity Study Framework for the Authority.

2.0             PROJECT OBJECTIVE

The main objective of this assignment is to develop a portfolio review framework that can be used to assess, monitor, and efficiently manage SIGA’s equity portfolios. The framework should enable SIGA to specifically:


  1. Align the portfolio with the strategic objectives of SIGA.
  2. Identify and evaluate the potential risks and rewards.
  • Improve decision-making regarding resource allocation and portfolio diversification.
  1. Monitor and track the progress and performance of the portfolio through yearly portfolio reviews.
  2. Optimize portfolio performance by balancing risk, returns, and resource allocation.
  3. Ensure effective communication and collaboration among various stakeholders such as government agencies, the Ministry of Finance, and the Public Enterprises Secretariat.

3.0             SCOPE OF SERVICE

  • Areas to be considered:
  1. GOG’s equity interest in SOEs, JVCs, and Public Corporations.
  2. Portfolio performance: Evaluate the performance of GoG’s equity interest in comparison to relevant industry benchmarks, such as the GSE All Share Index, etc. Analyze portfolio returns, volatility, and risk-adjusted returns.
  • Portfolio holdings: Review individual portfolio companies and determine whether they meet the Authority’s investment objective.
  1. Portfolio rebalancing: The framework will consider the periodic rebalancing of the portfolio to ensure that the Authority’s asset allocation aligns with its investment objective.
  2. Valuation methodologies: The valuation methodologies to be considered for the portfolio review would include market-based, income-approach, and cost-approach valuation methods. Suitable portfolio benchmarks for recommendation.
  3. Timeframe for portfolio reviews


  • Specific Activities:
  1. Conduct a needs assessment to identify SIGA’s requirements and expectations.
  2. Review SIGA’s existing portfolio review frameworks in line with global best practices.
  • Develop a customized portfolio review framework that aligns with SIGA’s needs and goals.
  1. Organize stakeholder engagements to discuss and test the draft framework.
  2. Refine the portfolio review framework based on feedback from the stakeholder engagement.
  3. Develop training materials and conduct training sessions for stakeholders on the implementation of the framework.


4.0             SELECTION CRITERIA

The State Interests and Governance Authority now invites eligible firms to express their interest by providing evidence of the following eligible documents for shortlisting.


  1. Certificate to Commence Business
  2. Certificate of Incorporation
  3. VAT Registration Certificate
  4. Valid Tax Clearance Certificate
  5. Valid SSNIT Clearance Certificate
  6. Evidence of Public Procurement Authority (PPA) Registration / Valid Certificate
  7. Certified Audited Accounts for the past three (3) years (i.e., 2019, 2020 & 2021)
  8. Firms Profile indicating relevant experience with references
  9. Firms will be made to sign statement of integrity, eligibility, environmental and social responsibility (Kindly visit SIGA website to download)


This Request for Expression of Interest (EOI) will be conducted through the procedures specified in the Public Procurement Act, 2003 (Act 663 as amended). The method of evaluating the RFP will be the Quality and Cost Based Selection (QCBS) and in the Guidelines of the Public Procurement Authority (PPA) of the Republic of Ghana.


The duration for the completion of assignment shall be no longer than six (6) months. The assignment is expected to commence one (1) week after the contract award.



Interested firms may obtain further information at the address below during office hours from 09:00 to 17:00 hours GMT, Monday to Friday.

Expression of interest shall be in English and must be delivered in a written form in five (5) hard copies (one original and four copies) with an electronic copy on pen drive in a sealed envelope and clearly marked ‘EXPRESSION OF INTEREST FOR PROCUREMENT OF  CONSULTANCY SERVICES FOR THE DEVELOPMENT OF EQUITY STUDY FRAMEWORK and submit to the Procurement Office of SIGA, First Floor Room 111 in person, or by courier by 16:00 hours GMT on or before Friday 15th December, 2023.


Please Note: Alternatively, electronic submission via the email provided below can be accepted.


The Director-General

State Interests and Governance Authority

  1. O. Box M 393 Ministries –Accra

Tel: +233 244 895 900


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