Mr. Stephen Asamoah-Boateng, Director-General, State Interest and Governance Authority (SIGA), has hinted that over dozens of State Owned Enterprises (SOEs) will enlist on the Ghana Stock Exchange (GSE) to afford Ghanaians the opportunity to own shares in them and for divestiture.
Mr. Stephen Asamoah-Boateng, Director-General, State Interest and Governance Authority (SIGA), indicated that divestiture through the Stock Exchange ensures transparent transactions and efficient pricing of the shares on offer, as well as attracts foreign investor participation. He therefore, noted that a technical team of the authority is assessing their preparedness.
The Director General stated that the move would not only afford the public to own shares but they would also keenly follow their activities, create wealth for themselves and keep an eye on them on their operations.
Mr Asamoah-Boateng called on the GSE to work to achieve investor confidence so that more of such listings would be achieved in the coming years.
“Government intends to boost the capital markets by promoting and supporting reforms that will open the market, increase intermediation and engender long term savings which can be channelled into significant economic growth.”Asamoah-Boateng
Mr Asamoah asserted that SIGA would be liaising with the Ministry of Finance and GSE so that the technical work on these companies would be done before getting them on the Stock market. He thus, urged prospective investors to save their capitals to invest on the GSE.
“As at now, we have asked them [firms to be listed] to put their finances in order and the technical team would also assess them so we can know those who can be on the stock market.
“If you have money keep it and invest in Ghana, we want people to own indigenous companies.”Asamoah-Boateng
Mr. Asamaoh-Boateng urged Chief Executive Officers of SOEs not to rest on their oars but work hard until the “Ghana beyond Aid” agenda is realized.
According to Mr. Asamoah-Boateng, the country is currently on the right track of growth under President Akufo-Addo. He noted that SIGA would be assisting SOEs to clear legitimate debts by way of turning those debts into equities.
The Director General of SIGA appealed to heads whose books were saddled with debt to go after their debtors.
He disclosed that SIGA would be requesting for quarterly management account from SOEs to assess their performance. “SIGA is also going to institute online monitoring programme of SOE’s so that when there is a flash of any incident, the authority would quickly step in.”
The Director General averred that corporate laws in the constitution would constantly be reviewed to avoid any investment impediments. As part of these measures, four bills are currently before the attorney general’s department.
Prof. Bill Buenar Puplampu, an Expert in Organizational Behaviour, stressed on the need for CEOs to study government policy imperatives and manifestoes and work towards them.
Prof. Puplampu stated that it is very important that SOEs also reviewed yearly organization strategic plans.
He appealed to SOEs not to joke with their audits, saying “if you play with that you will end up being hauled before Parliament.”
To ensure good corporate governance, he averred entities must also protect the public purse and cross-check their facts before speaking to the media.
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