The State Curiosity and Governance Authority (SIGA) is about to launch the Portal Entity Challenge, a real-time monitoring system that may present the Authority immediate entry to the actions of Specified Entities (SEs)(SEs) and State-Owned Enterprises (SOEs) to boost oversight.
The mission, when carried out, would allow SIGA to transition from the normal reliance on annual experiences to evaluate the operations of SEs to real-time monitoring.
This shift will facilitate more practical and environment friendly monitoring of SE operations, permitting for well timed interventions and data-driven decision-making.
The Director-Common of SIGA, John Boadu, who made this recognized at an Editors’ Discussion board in Accra final week, mentioned already, important progress had been made within the enchancment of company governance amongst SEs via the authority’s initiatives since its inception in 2019.
“We’ve developed a code of company governance and a state possession coverage that are pivotal to our operations,” Mr Boadu mentioned.
He mentioned SIGA within the final 5 years had championed good governance and progress amongst SOEs and SEs.
“We’ve additionally made important strides in bettering monetary reporting and compliance amongst SEs,” Mr Boadu mentioned.
SIGA now oversees 79 efficiency contracts, up from 50, and has launched new indicators to observe compliance, specializing in governance, transactions, monetary obligations and Environmental Sustainability and Governance (ESG) metrics.
The variety of entities submitting accounts to the State Possession Report (SOR) has risen from 18 in 2016 to 147 in 2023.
Mr Boadu famous that some SOEs had proven constant profitability from 2019 to 2023, whereas others had struggled with persistent losses.
For example, Bui Energy Authority, E.S.L.A Plc, Ghana Nationwide Fuel Firm Ltd, Ghana Infrastructure Funding Fund, State Housing Firm Ltd and TDC Firm Ltd have all posted rising income over time.
Conversely, entities such because the Ghana Cylinder Manufacturing Co. Ltd, GNPA Ltd, the Ghana Water Firm Ltd and the Tema Oil Refinery have recorded important losses throughout the identical interval.
The State Possession Report additionally highlighted dividend payouts by SEs, with Minority-Curiosity Corporations (JVCs) contributing GH¢139.7 million (71.89 per cent), different JVCs contributing GH¢48.2 million (24.83 per cent ) and State-Owned Enterprises contributing GH¢6.2 million (3.19 per cent), totalling GH¢194.1 million.