President Akufo-Addo urges State-Owned Enterprises to uphold good corporate governance

April 24, 2024
President Akufo-Addo urges State-Owned Enterprises to uphold good corporate governance

President Nana Addo Dankwa has emphasized the importance of state-owned enterprises (SOEs) adhering to their mandates and ethical standards, urging them to prioritize compliance with principles of good corporate governance.

Addressing the 2024 Annual Policy and Governance Forum in , President Akufo-Addo highlighted the significance of upholding principles of good corporate governance to ensure transparency, accountability, and the safeguarding of state interests in public enterprises. He stressed that by collectively upholding these principles, the nation can unlock the full potential of SOEs as engines of progress and prosperity for all.

The event, organized under the auspices of the and Public Enterprises Secretariat, marked the launch of two policy documents aimed at strengthening state ownership policy and promoting adherence to good corporate governance principles. These documents seek to define clear objectives for ownership and establish proper systems for managing and assessing the performance of state-owned interests in public enterprises.

President Akufo-Addo reaffirmed the government's commitment to enhancing transparency, accountability, and effective corporate governance in the management of state enterprises to ensure they deliver on their mandates and contribute to the national economy. He emphasized that good corporate governance is fundamental to economic development, particularly in the management of public enterprises, requiring fair decision-making processes aligned with the corporation's best interests and guided by ethical principles.

The President urged entities yet to align themselves with the oversight mechanisms established by the State Interests and Governance Authority (SIGA) to do so urgently, emphasizing that non-compliance undermines transparency, accountability, and the integrity of the nation's financial governance framework.

Dr. , Minister of Finance, highlighted that the two policy documents would foster institutional reforms in SOE operations and management, aiming to enhance operational efficiencies and ensure SOEs contribute significantly to the country's Gross Domestic Product (GDP) and economic growth.

Mr. John Boadu, acting executive director of SIGA, emphasized the importance of professionalism, integrity, and accountability in SOE operations for sustainable growth. He urged SOEs to adhere to the governance code specified in the policy documents to enhance their performance and contribute effectively to national development.

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