That could no longer continue and that he was not going to allow anyone to frustrate efforts at bringing efficiency into the operations of the institutions.

He spoke of the need for the State Enterprises Commission (SEC) to come out with a code of conduct for the Boards.

President Akufo-Addo said this in an address read for him at the signing of the 2019 performance contract between State Owned Enterprises (SOEs) and the Government in Accra.

Forty-five (45) SOEs, alongside nine subvented organizations, including the Ghana News Agency (GNA) – represented by their respective Board Chairpersons and CEOs, signed the agreement, which provides benchmarks and key deliverables to reach.

“Propelling the growth of Ghana’s economy through SOEs” was the theme chosen for the event.

President Akufo-Addo announced that some struggling state enterprises were going to receive a life line – to be recapitalized.

This would, however, be done after financial audit had been done and the results known.

He said in the case of others, the government would encourage private sector participation.

He added that there were SOEs that could also go to the stock exchange.

President Akufo-Addo said the efficient running of the SOEs was vital to the drive towards moving Ghana beyond aid.

That was why there needed to an improvement in their corporate governance practices.

To achieve this, a bill to establish a State Investment and Governance Authority (SIGA) had already been approved by Cabinet.

He said the Authority would oversee the government’s interest in the SOEs to make sure that they were effectively monitored and assisted to perform.

The President repeated that public service should be seen as a call to duty but not an opportunity for anybody to serve their personal interests.

He reminded the enterprises to take advantage of Information and Communication Technology (ICT) to improve their way of doing things.

 Mr. Ken Ofori-Atta, the Finance Minsiter, said state assets and resources required to be efficiency managed for national growth.

He gave positive assessment of the economy and said the economic outlook was stable.

The government was determined to consolidate the gains made over the past 23 months and that would demand hard work.

 The Minister pointed out that the support of the SOEs would help make a difference in the effort to wean the nation off foreign aid.

He asked them to be guided by the Public Financial Act – keep to timelines for reporting to avoid sanctions.

Mr. Stephen Asamoah-Boateng, Executive Director of the State Enterprises Commission, urged the SOEs to increase revenue mobilization, cut cost, avoid wastage, and to seek value for money in their transactions.

He spoke of plans to introduce a league table of best performing state institutions.

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GNA