SOEs shouldn't compromise on ethical standards, accountability – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has directed State-owned Enterprises (SOEs) to strive for compliance with their mandate and ethical standards.

“It is imperative we uphold collectively the principles of good corporate governance, which lead to accountability and transparency to safeguard the interest of the state in the management of public enterprises,” he advised.

"By upholding those principles, the nation would be better placed to unlock the full potential of the SOEs as engines of progress and prosperity for all," he said.

President Akufo-Addo was addressing the 2024 Annual Policy and Governance Forum, in Accra.

The event, held under the auspices of the Ministry of Finance and Public Enterprises Secretariat, saw the launch of two policy documents to strengthen state ownership policy and adherence to good corporate governance principles.

The agenda is to provide clearly defined objectives for ownership, articulating the establishment of proper systems for managing and assessing the performance of state ownership interest in public enterprises.

The President stated that the government had increased efforts to enhance transparency and accountability, as well as the effective corporate governance and management of state enterprises.

This is to ensure that they deliver on their mandates and contribute to the national economy.

President Akufo-Addo explained that good corporate governance was fundamental to the development of the economy, particularly in the management of public enterprises.

“Effective corporate governance requires that decision-making processes are fair, equitable and in line with the best interest of the corporation.

“It demands that all the managements of the SOEs operate in the highest standards of professionalism, guided by ethical principles and commitment. This is required for the sustainable development of the nation,” he stated.

The President tasked entities which were yet to align themselves to the oversight mechanisms established by the State Interests and Governance Authority (SIGA) to endeavour to do so.

“I implore you to heed this call with urgency.

“Your reluctance to comply not only erodes the fabric of transparency and accountability but also undermines the integrity of our nation's financial governance framework,” he cautioned.

It was important that the people reaffirmed their commitment to maximising the benefits of state ownership through effective corporate practices, he stated.

Dr Mohammed Amin Adam, Minister of Finance, in a speech read on his behalf, stated that the two policy documents would foster institutional reforms in the operations and management of the SOEs.

The policies would also increase operational efficiencies to guarantee enterprises made a major contribution to the country’s Gross Domestic Product (GDP) and economic growth.

Mr. John Boadu, the acting executive director of SIGA, explained that the SOEs were enjoined to uphold professionalism, integrity and accountability in their work for sustainable growth.

Consequently, they should adhere to the code of governance specified in the two policy documents launched to enhance their performance.

GNA