“Revolutionizing State-Owned Enterprises: SIGA Director General John Boadu Speaks”
In an exclusive interview with the media, John Boadu, Director General of the State Interests and Governance Authority (SIGA), shed light on the transformative efforts to enhance transparency, accountability, and profitability in Ghana’s State-Owned Enterprises (SOEs).
Boadu highlighted the remarkable progress made since 2016, with only two out of 175 entities submitting audited reports then, to now having 55 entities audited and aiming for 130 by year-end. This increased transparency has led to a significant rise in contribution to GDP, from 50 billion in 2020 to 419 billion in 2022.
He emphasized the importance of accurate reporting, citing the example of Metropolitan and District assemblies holding more assets than the central government. Boadu also noted the challenges faced in getting SOEs to accept oversight and prepare performance contracts, but expressed optimism with 79 entities set to sign contracts in 2023.
The Director General stressed the need for adapting to changing times, citing the example of TOR, which was established to stabilize oil prices but has accumulated losses due to inefficiencies and outdated machinery.
“We must change our old ways of doing things,” Boadu urged, emphasizing the importance of modernizing and making SOEs more efficient to compete in today’s economy.
