{"id":778861,"date":"2020-01-08T22:01:30","date_gmt":"2020-01-08T22:01:30","guid":{"rendered":"https:\/\/ghana-mma.com\/2020\/01\/08\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\/"},"modified":"2020-01-08T22:01:30","modified_gmt":"2020-01-08T22:01:30","slug":"government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/01\/08\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\/","title":{"rendered":"Government to implement strategic interventions to restore confidence in State-Owned Enterprises"},"content":{"rendered":"

<\/p>\n

\n

By
\nGodwill Arthur-Mensah, GNA<\/span><\/b><\/p>\n

Accra, Jan. 8, GNA –
\nVice President Dr Mahamudu Bawumia on Wednesday reaffirmed Government\u2019s
\ncommitment to implement strategic interventions to restore confidence in the
\nState-Owned Enterprises (SOEs) to accelerate economic growth.<\/span><\/p>\n

In this regard, he
\nsaid, government facilitated the passage of the State Interest and Governance
\nAccountability Bill into law, (Act 990) in 2019, to comprehensively deal with
\nthe teething challenges facing state entities.<\/span><\/p>\n

He said Government\u2019s
\neconomic policy objectives, among others, are to build the most business
\nfriendly economy, create jobs and improve the lives of Ghanaians; therefore the
\nstate entities have a pivotal role to play by developing new culture and
\nbehavioral changes to help achieve the set objectives.<\/span><\/p>\n

Vice President
\nBawumia gave the assurance at the 2020 Performance Contract Signing ceremony of
\n80 state entities, in Accra, under the auspices of the State Interests and
\nGovernance Authority (SIGA).<\/span><\/p>\n

President
\nAkufo-Addo, in June last year, inaugurated the Board of Directors of SIGA,
\npreviously known as the State Enterprise Commission (SEC), charged with the
\nresponsibilities of implementing comprehensive policies and guidelines to help
\nstate entities to become high performers and ensure sound accountability
\npractices.<\/span><\/p>\n

The signing ceremony
\nwas held under the theme: \u201cTransforming State Entities to Contribute
\nSignificantly towards Ghana Beyond Aid\u201d, and it brought together Chief
\nExecutive Officers (CEOs) of state-owned enterprises, Ministers of State,
\ndevelopment partners and the diplomatic community.<\/span><\/p>\n

The contracts were
\nsigned between the Board of Directors and Management of Specified State
\nEntities on one part, and the Government, represented by SIGA and the
\nrespective Sector Ministries on the other side, in fulfillment of a statutory
\nprovision under the Regulations (196) of the Public Financial Management Act
\n(L.I 2378).<\/span><\/p>\n

The contracts
\nfocused on enhancing service delivery and efficiency of 19 different sectors of
\nthe economy including manufacturing, agriculture, housing, trade, energy,
\naviation, roads, education, science, labour relations and transportation.<\/span><\/p>\n

Vice President
\nBawumia acknowledged the challenges faced by state-owned enterprises such as
\nhuge legacy debts, low working capital and weak corporate governance structures
\nand reiterated government\u2019s commitment to take strategic steps to fixing and
\nrestoring confidence in state entities.<\/span><\/p>\n

However, he said,
\nwith those state enterprises that have proven to be inefficient, government may
\ndecide to either invite private sector participation or put them out for
\noutright sale.<\/span><\/p>\n

He noted that state
\nentities have the potential to grow the economy, accelerate socio-economic
\ntransformation and provide opportunities for jobs and wealth creation and thus,
\nurged the managers of those institutions to be innovative, in order to achieve
\ntheir objectives.<\/span><\/p>\n

\u201cThe continued
\npresence of the Boards and CEOs of these state entities will be justified by
\ntheir performance as rightly stated in the Public Financial Management Act. The
\nGhana Beyond Aid is a national transformation agenda and that we want the
\nmindset and behavioral changes that will make us pursue that vision.<\/span><\/p>\n

It is this reason
\nthat government is aligning the performance of state entities where her
\ninvestment lies with the vision of economic transformation agenda,\u201d Vice
\nPresident Bawumia explained.<\/span><\/p>\n

He was of the
\nconviction that with the youthful population and entrepreneurial skills coupled
\nwith the numerous natural resource endowments, the country could turn things
\naround for the better.<\/span><\/p>\n

Mr Stephen Asamoah
\nBoateng, the Director-General of SIGA, in his welcome address, announced that
\nSIGA will publish a performance League Table of CEOs and state entities in the
\nlast week of July, this year and, therefore, entreated all CEOs and SOEs to
\npull their weight in order not place bottom of the table.<\/span><\/p>\n

He said the
\nAuthority would carry out its mandate of monitoring and evaluating the
\nperformances of all SOEs and that those that fall below the required standard
\nwould be sanctioned accordingly.<\/span><\/p>\n

GNA<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Godwill Arthur-Mensah, GNA Accra, Jan. 8, GNA – Vice President Dr Mahamudu Bawumia on Wednesday reaffirmed Government\u2019s commitment to implement strategic interventions to restore confidence in the State-Owned Enterprises (SOEs) to accelerate economic growth. In this regard, he said, government facilitated the passage of the State Interest and Governance Accountability Bill into law, (Act […]<\/p>\n","protected":false},"author":1,"featured_media":778862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-778861","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\nGovernment to implement strategic interventions to restore confidence in State-Owned Enterprises - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/01\/08\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Government to implement strategic interventions to restore confidence in State-Owned Enterprises - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Godwill Arthur-Mensah, GNA Accra, Jan. 8, GNA – Vice President Dr Mahamudu Bawumia on Wednesday reaffirmed Government\u2019s commitment to implement strategic interventions to restore confidence in the State-Owned Enterprises (SOEs) to accelerate economic growth. In this regard, he said, government facilitated the passage of the State Interest and Governance Accountability Bill into law, (Act […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2020\/01\/veep-contracts.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/01\\\/08\\\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/01\\\/08\\\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"Government to implement strategic interventions to restore confidence in State-Owned Enterprises\",\"datePublished\":\"2020-01-08T22:01:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/01\\\/08\\\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\\\/\"},\"wordCount\":617,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/01\\\/08\\\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2020\\\/01\\\/veep-contracts.jpg\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/01\\\/08\\\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/01\\\/08\\\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/01\\\/08\\\/government-to-implement-strategic-interventions-to-restore-confidence-in-state-owned-enterprises\\\/\",\"name\":\"Government to implement strategic interventions to restore confidence in State-Owned Enterprises - 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