SOEs must adopt Transparency and Accountability
The Director-General of the State Interests and Governance Authority (SIGA), Ambassador Edward Boateng has asked State-Owned Enterprises to adopt transparency and accountability in reporting financial and non-financial data. This was made known in a speech read on his behalf by Madam Hollistar Duah-Yentumi, the General Manager in charge of Operations at SIGA, at a collaborative working session organised by the Controller and Accountant General’s Department (CAGD). The workshop was organised to review the data collection templates for data collection for the 2021 consolidation of the national accounts of Ghana.
The workshop was attended key dignitaries including the Minister of Public Enterprises, Hon. Joseph Cudjoe, the Controller and Accountant General, Mr. Kwasi Kwaning-Bosompem, Madam Hollistar Duah-Yentumi General Manager of Operations of the State Interests and Governance Authority on behalf of the Director-General, key officials from the CAGD as well as key financial staff from the SOEs.
Madam Hollistar Duah-Yentumi in her address emphasized that SIGA’s mandate of implementing a change management process in the way state entities are administered could only be delivered through the adoption of effective corporate governance practices by SOEs. Key amongst these practices is transparency and accountability in reporting to both internal and external stakeholders.
She however acknowledged that to effectively discharge this responsibility, SOEs must first eliminate any deficiencies in the areas of statistics and data analysis. This could be achieved by conducting seminars and refresher courses to bring all relevant staff abreast with current trends in the subject area.
She added,” this calls for collaboration with the Ministry of Finance and the Ghana Statistical Services to develop a system that would be of relevance to the Consolidated National Accounting.’’
Speaking at the workshop, the Controller and Accountant General also mentioned that the department was collaborating with SIGA to create an online reporting platform to make reporting for SOEs easier.