President Akufo Addo has charged members of the Governing Board of the newly created State Interest and Governance Authority (SIGA) to, as a matter of duty, ensure the building of a new culture of accountable governance in state-owned enterprises, all institutions that would be working under their supervision as well as all other institutions that the state has interest in.
Addressing a nine-member board at the Jubilee House after a ceremony to swear them into office, President Akufo Addo said the history of the management of state-owned enterprises has been a difficult one that did not work in the interest of the people of Ghana and that that ought to change.
“There is a general agreement that those institutions did not work well in the interest of our people and our country and that is the reason why this new authority has been brought into being. So the attitude must be ‘new king, new law.’ A new Authority means a new culture, a culture of accountable governance, and of respecting the norms, responsibilities and practices of good corporate governance not only amongst yourselves but amongst the institutions that report to you,” President Akufo Addo noted.
State enterprises and state related economic institutions, the President said, form a very important part of the country’s overall business and economic architecture and it was time they played a productive role in the development of the economy.
“Whatever has been the problem in the past, all of those have been swept away by statute to create this new body. It is expected that you will work in such a way that this new body will be able to make positive impact on the growth of the national economy,” the President added.
The Chairman’s Response
Felix Intrakwah, a member of the Governing Board responding on behalf of the Chairman (Mr. Terry Darko) who is currently out of the jurisdiction and on behalf of his colleagues, said for the President to repeat the old saying ‘new king, new law,’ it conveyed a lot of information and food for thought.
“We accept the challenge, we will not disgrace ourselves, we will make the change happen,” Mr Intrakwah said.
Members of the Governing Board
The Governing Board has Mr. Terry Darko, as its Chairman. Mr. Stephen Asamoah Boateng, the Director General of the State Interest and Governance Authority (SIGA); Lawyer Kow Essuman, representative from the Office of the President; Mr. David Collison, representative nominated by the Ministry of Finance; Mr. Franklin Owusu Asafo Adjei, representative nominated by the Institute of Chartered Accountants, Ghana, and Mr. Felix Intrakwah, representative nominated by the Ghana Bar Association, are members of the board. The rest are Mr. Elikem Kunyehia, Miss Yasmin Baba, and Dr. Margaret Duah Atuahene, all of which are nominees of the President.
SIGA is the acronym of a body corporate established with the passage of the State Interests & Governance Authority Act 2019 (Act 990) in June 2019; with the mandate to oversee and administer the state’s interests in state-owned enterprises, joint venture companies and other state entities and to provide for related matters. With the presidential assent of SIGA given on 7th June, 2019, the laws which estabiished both the State Enterprises Commission (SEC) and the Divestiture Implementation Committee (DIC) are repealed; with their assets and liabilities transferred to the new entity.
Rationale Behind SIGA
SIGA is designed to provide a far better ownership and governance framework for SOEs, JVCs, OSEs than previously existed. This is to increase shareholder value and better returns on investment; provide better coordination among state entities (commercial and non-commercial) and other stakeholders, enhance the capacity of heads and employees to deliver on their core mandate in the changing environment and to give customer and consumer satisfaction.