Akufo-Addo launches two policy documents on code of corporate governance

President Akufo-Addo, in his remarks, said, the state ownership policy is specified in entities to enhance even further transparency, accountability and good governance within specified entities

President Akufo-Addo on Tuesday (23 April) launched two policy frameworks geared towards shaping the governance and development of Ghana’s Public Enterprises.

The State Ownership Policy and the Code of Corporate Governance documents, launched at the third Annual Policy and Governance Forum, on Tuesday (23 April), serves as policy guidelines fundamental in maximising transparency, accountability and crucial to driving development and growth in Public Enterprises through effective corporate governance.

The third edition of the annual policy and governance forum was under the theme, “Maximising benefits from State Interest through effective corporate governance.”

President Akufo-Addo, in his remarks, said, the state ownership policy is specified in entities to enhance even further transparency, accountability and good governance within specified entities. Indicating that, good corporate governance is fundamental to the development of driving privacy, particularly in the management of public enterprises.

“Effective corporate governance requires the decision-making processes, fair, equitable and in mind with the best interest of the corporation. Well support and management of SOEs operating the highest standards of professionals, guided by ethical principles and a commitment to exclude. This is not only a regulatory requirement, but also a fundamental prerequisite for the sustainable development of the nation by maximizing the management and unlock the full potential of our resources, promoting crucial growth and creating a better future for all their lands, I want to remind you of the ambitious goal I set for our public enterprises sector that is going to contribute to 30% of our GPP.

“I am pleased to report that I see considerable strides towards this target. For example, the latest report from the Controller of Accountant Generals department indicates that the number of specified entities included in the national account has increased from eight in 2020 to 62 in 2022. This is because companies now operate accounts, now prepare accounts to report on their financial and operating performance. Though impressive, there’s still a long way to go from here. It is hard working to observe that by 2021, specified entities have significantly increased their total revenue to GHC121.8 billion  compared to some GHC34.8 billion by 2021,” he said.

The State Ownership Policy guides the management of state-owned enterprises (SOEs), focusing on efficiency, transparency, and maximizing returns. It outlines governance structures, performance evaluation, and rules for appointing leadership.

Whereas, the Code of Corporate Governance sets principles for private corporations, covering board composition, shareholder rights, transparency, and ethical conduct. It aims to enhance accountability, protect shareholders, and foster sustainable growth.

Deputy country director for Agencè Française De Development (ADF), Clement Dardy, stated that, through this dynamic, Ghana is positioning itself as a forefront of both governance standard implementation in the African continent and as a favourable destination for investment and economy growth.

“This decision marks a significant milestone and an opportunity in the journey towards ensuring transparency, accountability and sustainable development within government. Corporate governance is the cornerstone of any successful kind, providing the framework to rich organisation for directors and control. It will be for the benefits of both public and private sector and at the end of the day for all citizens as partners. The introduction of the state ownership policy is another major achievement that we are proud to see of its  strategy to manage and other supreme these initiatives enhance not only electric confidence but also reinforces the government’s commitment to good governance and symbols.

“We also know that effective dissemination, implementation and enforcement will be key conditions for the final success of these policies.  Through this dynamic, Ghana is positioning itself as a forefront of both governance standard implementation in the Africa region and as a favourable destination for investment and economy growth,” she said.

Joseph Cudjoe, Minster for Public Enterprises, added that, under the leadership of the Akufo Addo government, they are very close to achieving effective management of public enterprises. And have so far achieved a very high level of transparency and accountability through audited financial and operating performance report of our public enterprise. We have also been able to provide the legacy audited financial reports to the parliamentary select committee responsible for state enterprise.

Joseph Cudjoe

“So there has been intensified parliamentary oversight of the specified entities. This essential achievement is in favour of this achievement today. We are here launching through critical policies that are of importance to governance and management of the public enterprises. These are the state ownership policy for special identities and public sector organizations as well as the state ownership policy. These two policies then define and articulate government expectations in relation to getting ownership portfolio and provide the guiding principles and framework under PNM, the management and governance of state interests in specified entities.

“Clarity in defining boundaries of state ownership and corporate governance are key to the foundation issues watering on transparency, accountability and efficiency that are required in effective management of the space identities. Such clarity ensures that the SOEs operate in the interest of the shareholders and all stakeholders and effectively contribute to the development of the national economy as we uphold the highest standard of integrity and professionalism,” he said.

The event was organized by the office of the Minister for Public Enterprises and the Ministry of Finance in collaboration with the State Interests and Governance Authority (ISGA) amd the Public Service Commission.

Prof Kwame Victor Agyemang, Board Chair of the Public Service Commission, John Boadu, AG. Director General for State Interests Governance Authority (SIGA), Stephen Amoah, Deputy Finance Minister, and Representers from World Bank and other partners pledged their solemn support in ensuring that the implementation of the specified entities, SOEs, corporate bodies, and Public Enterprises follow through with the codes and ethical standards of the State Ownership Policy and the Code of Corporate Governance to improve not only public enterprises but also the state of the economy.

African countries such as South Africa, Botswana and Nigeria have implemented State Ownership Policies to manage key industries like mining and energy. These policies aim to promote local development, ensure fair resource allocation, and stimulate economic growth.

Additionally, countries like, Kenya and Ghana have adopted Codes of Corporate Governance to enhance transparency, attract investment, and improve the performance of their private sectors. These initiatives contribute to greater economic stability and sustainable development across the continent.

The Policy and the Governance Forum is an annual event initiated in 2018 as part of measures to translate into reality government’s vision to transform and leverage the potential of Public Enterprises to contribute meaningfully to national development.

The forum has principally shaped and discussed broad policy issues aimed at improving the performance and development of Specific Entities (SEs).

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