Ken Ofori-Atta, the Minister of Finance, has criticised the State Entities in the country for only taking from the country but contributing less to the development of the country, Ghana.
According to the Finance Minister, many State Entities don’t comply with the Controller and Accountant General’s Department, and as such, the government loses a significant amount of revenues through various infractions. However, he thus, lauded the Director-General for State Interests and Governance Authority (SIGA), Ambassador Edward Boateng, for improved compliance with regards to accounts reports and audit of Specified State Entities since his appointment.
“Today’s discussion as stated earlier has to do with the compliance rate of our Specified Entities. Sometimes, I wonder how difficult it is to audit and comply with the office of the Controller and Accountant General’s Department. The government has an interest in these entities, yet they fail to audit their accounts to give us what the government has invested into them. You are taking from the government but you don’t want to contribute to our [Ghana] growth. Sometimes, I wonder if that is how most of us here would treat our own businesses. Nonetheless, I would want to congratulate Ambassador Edward Boateng for his inputs and hard work as the number of State Owned Entities (SOEs) covered have increased from 19 to 47 as already stated by the Controller and Accountant General, Mr. Kwesi Bosompem.”Ken Ofori-Atta
Ken Ofori-Atta, meanwhile, admonished Specified Entities to improve on their corporations and submission of audit accounts and reports to contribute to the growth of Ghana’s GDP. The Finance Minister, moreover, tasked the Chief Executive Officers (CEOs) of the various Specified Entities to portray commitment in discharging their duties.
Improving Compliance Rate
Ambassador Edward Boateng, the Director- General for SIGA, on his part, called for collaborative efforts and indulgence. He subsequently called for an improvement in the compliance rate to promote efficiency among State Entities.
“There is much to be done in terms of our compliance habit with regards to accounts audit and reports. Our set goal is already to contribute 30% of Ghana’s GDP rate and as tedious as it sounds, it’s still not far from us. After the presentations from the Controller and Accountant General’s Department, with the few entities captured on the list, we could see some improved results. We can only change the narrative of inefficiency and contribute to the country’s growth if we improve our compliance rate. I am very passionate about this and I need to communicate that to all. We need to connect the dots, work together and achieve the goals ahead of us.”Ambassador Edward Boateng
Hon. Joseph Cudjoe, Minister of Public Enterprises, also indicated that managerial set ups lack compliance programmes, hence the challenges with complying with government’s regulations and policies.
“When you’re leading a corporation, your dashboard should be your compliance. Just like driving a car or flying a plane, just comply. I call it the (KTR), ‘Know the Rules’ and the policies. If you have a challenge with compliance, then you have a challenge with your job. Compliance program is a gap in our managerial set up and we need to address that. We need to set up compliance strategies and set strategic plans to fulfil them. Not forgetting, implementation is also everything.”Hon. Joseph Cudjoe