John Ampomtuah Kumah
Deputy Minister of Finance, John Ampomtuah Kumah has hinted that the Akufo-Addo/Bawumia led government over the past few years, has pursued various reforms to improve the performance of state entities by developing a comprehensive State Ownership Policy to create job opportunities for all.
Speaking on behalf of the Finance Minister at the 2022 SIGA Policy and Governance Forum in Accra, he said aside from the State Ownership Policy, the government is also preparing to implement a Financial Policy for some of them.
The forum offered stakeholders the opportunity to examine policies and measures that must be implemented to ensure that State-Owned Enterprises can create jobs and contribute their quota to national development.
The Deputy Minister explained that in preparing the 2020 State Ownership Report, analysis revealed that the Specified Entities’ performances have largely trend downwards.
“Indeed, SOEs consistently posted aggregate net losses from FY2015 (G.H. ¢2.16 billion) to FY2020 (G.H. ¢5.34 billion), a compounded annual growth rate of 16.32 percent”.
According to him, it is regrettable that while the Specified Entities, especially SOEs, hold significant assets, their performance and effectiveness leave much to be desired.
Dr. Kumah added that SIGA will coordinate the timely submission of financial and operational information to the relevant government institutions in line with the Public Financial Management (PFM) Act, 2016 (Act 921) and the SIGA Act.
He said the Ministry of Finance is currently working with the Controller and Accountant-General’s Department and Ghana Audit Service to reconcile the list of Specified Entities that have indeed submitted their audited financial statements.
Dr. Kumah stated that in connection with this trend of non-compliance with reporting requirements, the Finance Ministry will not consider any request for government support from any Specified Entities that fail to meet the reporting requirements specified in the PFM Act, PFM Regulations, and SIGA Act.
He said the Ministry has also directed the Director-General of SIGA to ensure that appropriate sanctions and penalties are applied for infractions of the PFM Act, PFM regulations, and SIGA Act, including a recommendation for removing members of governing bodies.
He also acknowledges the role of the Minister for Public Enterprises in leading the Task Force to finalize the policy, which is currently before the Cabinet for consideration and approval.
The Deputy Minister therefore, charged them to work hard to achieve the government aim to move the country forward.
BY Daniel Bampoe