The panelist with President Akufo-Addo and some government officials
CEO of Universal Merchant Bank (UMB), Nana Dwemoh Benneh, has called for transparency and discipline in reporting standards by State Owned Enterprises (SOE’s).
According to him, this is the key to unlocking private sector capital and funding for entities as they seek to grow the economy.
He made the call during an expert panel discussion at the just ended State Interests and Governance Authority annual conference in Kwahu-Nkwatia.
Mr. Benneh spoke on a panel which included Mr. Daniel Addo, CEO of Consolidated Bank Ghana; Hajia Abibata Shanni Mahama Zakariah, CEO of MASLOC; Madam Abena Amoah, CEO of the Ghana Stock Exchange and Mr. Kwame Okyehene-Mensuo , Ministry of Finance. The session was moderated by Ambassador Kabral Blay Amihere.
The panelists were emphatic that though there was an economic crisis, they were bullish about the opportunities for growth in the economy. There were convinced that SOE’s could access the needed capital and funding needed locally, as the international lines were constricted.
Madam Amoah noted that the Ghana Stock Exchange remained a viable avenue for SOE’s, as there were considerable pols of capital locally looking for investment opportunities. She however noted that this capital can only be unlocked if SOE’s adapted the rigor and best practice of private enterprise in financial reporting and governance.
This view was supported by Mr. Addo who noted that said transparency was critical especially in ascertaining cash flows.
He noted that his Bank had been able to extend a significant credit to SME’s in enclaves like Makola, because they are able to embed with these enterprises and have a view of their transactions.
Both Hajia Zakariah and Mr. Okyehene-Mensuo noted that involving the Ministry of finance early in financial engineering early leads to better and positive outcomes. Hajia Zakariah used the example of MASLOC, which was able to package a successful proposal to unlock a funding line from the African Development Bank, through technical support from the Ministry of Finance.
CEO of the State Interests and Governance Authority, Edward Boateng noted that the insights gleaned were useful, with the key action point being a push for all SOE’s to adapt digital payment platforms so they could leverage their cashflows.
A Business Desk Report