Minister of Public Enterprises, Joseph Cudjoe presenting the Entity of the Year award to some staff of FDA
The Food and Drugs Authority (FDA) has been awarded the entity of the year for 2022 for its outstanding performance as a regulator delivering efficient services while adhering to good corporate governance practices.
The FDA got the top award at the 2nd edition of the Public Enterprises League Table (PELT) awards, which were hosted in Accra to celebrate the most outstanding specified organizations based on a review of the Annual Performance Contract signed on behalf of the government with SIGA.
The awards scheme, organised by the State Interests & Governance Authority (SIGA) in partnership with the Public Enterprises Secretariat (PES) and the Ministry of Finance (MoF), recognized state-owned enterprises (SOEs) and other state enterprises (OSEs) in 10 categories.
Apart from winning the entity of the year award, FDA also received other two awards which include most innovative OSE (dynamic effect) of the year while the Gaming Commission was adjudged most financially sustainable OSE.
Ghana Irrigation Development Authority was also adjudged most compliant OSE award, while most efficient OSE went to the Ghana Meteorological Agency.
Ghana Civil Aviation Authority was adjudged the state owned Enterprise (SOE) of the year while Ghana Airport Company was adjudged most profitable SOE of the year with Ghana National Petroleum Corporation (GNPC), adjudged most compliant SOE while Northern Electricity Development Company (NEDCO) was adjudged best SOE (dynamic effect) for the year.
Out of over 170 SOE’s and OSE’s, 64 signed some performance contract in line with their mandate as Food and Drugs Authority dominated the first 10 best entities ranked by SIGA.
Other state owned Enterprises that appeared from the 60th position and below include Intercity STC, Northern Development Authority, Ghana News Agency, Ghana women Fund and venture Capital Trust Fund.
Director General of the State Interest Governance and Accountability (SIGA), Edward Boateng thanked all the specified entities as well as other state Enterprises for their support since the maiden edition to date with significant improvement.
He indicated that the maiden edition which had only 64 entities has improved significantly to over 170 entities
He said such remarkable growth was a testament to the relevance and impact of the awards in pursuit of excellence in corporate governance and value addition among State Enterprises.
He added that the PELT awards will continue to elevate the standards of corporate governance, foster healthy competition, and enhance the efficiency and profitability of our SEs which will not only develop the economic superhighway envisioned by the theme but also strengthen the country’s foundation.
He further stated that discussions on SOE’s are rapidly shifting from concerns about non-performance to accounts of improved performance and efficiency which he explained were not s not merely anecdotal but substantiated by empirical evidence.
Attorney General and Minister of Justice, Godfred Yeboah Dame also expressed his outfit’s resolve to work closely with SIGA) to help strengthen the legal and regulatory framework governing the entities, ensuring that they operate with integrity, transparency, and accountability.
He said good corporate governance instills investor and public confidence, attracts investment, and safeguards the interests of stakeholders, including the citizens adding that when Specified Entities operate with integrity and good governance practices, the entire nation benefits.
“Let us all remember that the success of our Specified Entities directly impacts the well-being of our nation. By adhering to good corporate governance practices, we pave the way for a brighter and more prosperous future for all Ghanaians”. He added
The 2nd edition of the PELT awards was under the theme “Developing the Economic Superhighway Through Enhanced Corporate Governance of Specified Entities.”
By Ebenezer Kofi Amponsah