The State Interests and Governance Authority (SIGA) has convened an inception breakfast meeting to launch an initiative under the Public Financial Management for Service Delivery Program (PFM4SD).

The programme with support from the World Bank is crucial for improving the management and performance of 16 selected Specified Entities (SEs), with the primary focus on comprehensive performance evaluation of these SEs.

In his opening remarks, Mr. John Boadu, Director-General of SIGA, introduced the Comprehensive Performance Evaluation to the SEs. He provided an overview of the rigorous selection process, emphasizing the importance of compliance with all relevant laws and regulations. Mr. Boadu urged the SEs to prepare and submit their financial statements promptly and to cooperate fully during the exercise. He highlighted that the outcome of the evaluation, to be submitted to Cabinet on November 30, 2024, will align the activities of SEs and identify areas in need of improvement. “The comprehensive performance evaluation of SEs is essential for the sustainable growth of our economy. This initiative will help us identify areas of improvement within your entities, implement best practices, and ensure operational efficiency and adherence to the highest standards of corporate governance, thereby building public trust and securing financial stability,” he stated.

Hon. Joseph Cudjoe, Minister of Public Enterprises, also addressed the gathering, underscoring the significance of the PFM4SD in mobilizing and allocating resources while ensuring transparency in budget allocation. He highlighted the crucial role of the 16 selected entities in boosting the country’s economic growth. Hon. Cudjoe called on these entities to cooperate fully in the evaluation process by providing the necessary documentation and collaborating closely with the consultants. “The government’s ultimate goal is to help SEs generate profits and contribute significantly to the national economy. Your cooperation in this evaluation is vital to achieving this objective,” he emphasized.

Dr. Mohammed Sani Abdullai, the Programme Director, PFM4SD, reaffirmed the World Bank’s commitment to supporting SIGA in this initiative. He emphasized the importance of comprehensive performance evaluation in improving transparency, efficiency, and accountability among the SEs. “The performance evaluation is an opportunity for SEs to demonstrate their commitment to good governance and operational efficiency. The World Bank stands ready to support you in this journey,” Dr. Abdullai remarked.

 

Mr. Eric Agyabeng, Head of the Performance Monitoring and Evaluation Division of SIGA, provided a detailed presentation of the Comprehensive Performance Evaluation. He explained that the PFM4SD aims to ensure fiscal discipline among the SEs. He elaborated on the scope of the selection and evaluation parameters, which include business strategy and social responsibility, operational efficiency, financial performance, and corporate governance practices. Mr. Agyabeng outlined the numerous benefits of the evaluation, such as driving reforms within the SEs and enhancing capacity building.

During the meeting, representatives of the SEs voiced their concerns and challenges, which were carefully addressed to ensure all parties had a clear understanding of the evaluation process and its objectives.

The project, under Disbursement Linked Indicator 4 (DLI 4) of the PFM4SD Program, involves a thorough evaluation of the sixteen selected SEs in areas such as financial performance, operational efficiency, and corporate governance. The findings from this evaluation, which will be presented to Cabinet on November 30, 2024, are expected to guide the strategic direction and management of SEs.