SIGA officials in a group photograph with editors at the forum in Accra
The Controller and Accountant General’s Department (CAGD) says Ghana’s balance sheet on its national accounts is ‘looking good’.
This is a result of the controller’s ability to get a number of public entities including the assets of State-Owned Enterprises (SOEs) and Specific Entities (SEs) to make meaningful contributions toward the national accounts.
Speaking in an interview with journalists at the second State Interest and Governance Authority (SIGA) Editor’s Forum in Accra, National Director of National Account, CAGD, Dr. Mac-Effort Adadey, said the department initiated pragmatic modules to bring government legacy fixed assets to the balance sheet through the identification and collection of data on national assets across public entities .
In 2020, 19 SOEs and SEs contributed a significant amount of three percent to the country’s GDP while 48 SOEs and SEs contributed six percent to GDP in 2021, and 62 SOEs and SEs contributed 10 percent in 2022.
The Director said with assets, 19 SOEs and SEs contributed 30.74 per cent to the government’s assets in 2020, while 48 contributed 49.14 in 2021, and 62 contributed 76.4 in 2022.
Dr. Adadey said a good balance sheet would give the country a sound foundation to relate to the external world for cheaper loans, saying “This helps also to correct the imbalance on the government sheet, showing the true picture of the value of Ghana”.
He encouraged all stakeholders, especially SOEs and SEs to comply with the Public Finance Management Acts and Regulations for accelerated growth.
Director-General of SIGA, Edward Boateng on his part said the target was to get all 87 SOEs and SEs to become the net contributor to GDP and that SIGA was working tirelessly towards transforming them into global brands so they could contribute meaningfully to national development.
Mr. Boateng explained that this transformation would be achieved by harnessing technology and investing in human resource development, making public service roles more appealing to talented young graduates.
He underlined that this transformation is an ongoing process, with more SEs entering performance contracts, improving financial reporting, and enhancing compliance.
He also highlighted the notable increase in year-on-year dividend receipts, which grew from GH¢ 103,973,900.00 in 2019 to GH¢ 475,022,312.91 in 2022.
By Prince Yorke Fiifi