The Monarch of the Asante Kingdom, Otumfuo Osei Tutu II has questioned the State Interests and Governance Authority (SIGA) about the country’s gains when it comes to the establishment and operation of state enterprises.
According to him, the gains have been insignificant as these enterprises and corporations are bedevilled with losses and the quest for revenue to continue running.
During a courtesy call by the Management of SIGA on May 17, 2024, Otumfuo underscored the need for the Authority which has an asset worth GHC1 trillion to buck up and assume their roles in holding these enterprises up to the task and on their toes.
“SIGA can be one of the engines to spur Ghana’s growth and development because it has all state assets in its care. But how have these businesses been beneficial to us? With what intent were they established? Like the VRA and the ECG, with what purpose were they established? And have we realized these after their operations all these years? It must be evaluated. How come the money that was invested in NIB got depleted and now there is a need for more money? What went wrong? These businesses would be thriving if they were for a private entity.”
He continued, “This is part of your mandate. Understanding the mandate given to you will guide you in making these state enterprises profitable. Some appointments into boards and management must be watched by your outfit. Be bold to resist unwholesome appointments.”
He acknowledged that some of these enterprises are meant to deliver affordable services to the public but indicated that the ones purposed at making a profit must realise their objectives as well.
His Majesty further charged the Authority to put in place effective measures to hold these businesses accountable.
The management of SIGA was at the Manhyia Palace to officially inform Otumfuo about the appointment of Mr John Boadu as the Acting Director–General (DG).
Among the delegation were Mr Stephen Asiedu, the Ag. General Manager, Operations (SIGA), Madam Alexandra Totoe, the Ag. General Manager in charge of Finance and Administration (SIGA), Dr Kwame Agyemang-Budu, the Senior Technical Advisor in charge of the Energy Sector and Afua Frempong, the Manager of Corporate Affairs
Speaking on behalf of the delegation, John Boadu who was appointed four months ago, referenced Asantehene’s call for the privatization of some state enterprises a few weeks ago and could not agree more.
He noted that dialogues must be held surrounding these conversations, especially about utility companies for them to function effectively.
He believes the SIGA and the Ghana Revenue Authority (GRA) must be the main drivers of revenue mobilization in the country as the former’s total asset is worth GHC1 trillion.
“We need to reap the full benefit of these businesses.”
The delegation also used the occasion to convey their felicitations to the Asantehene on his Silver Jubilee.
Source: Manhyia Palace
