SIGA to launch real-time monitoring system for specified entities
The State Interest and Governance Authority (SIGA) is set to launch the Portal Entity Project, a real-time monitoring system that will provide the Authority instant access to the activities of Specified Entities (SEs)(SEs) and State-Owned Enterprises (SOEs) to enhance oversight.
The project, when implemented, would enable SIGA to transition from the traditional reliance on annual reports to assess the operations of SEs to real-time monitoring.
This shift will facilitate more effective and efficient tracking of SE operations, allowing for timely interventions and data-driven decision-making.
The Director-General of SIGA, John Boadu, who made this known at an Editors’ Forum in Accra last week, said already, significant progress had been made in the improvement of corporate governance among SEs through the authority’s initiatives since its inception in 2019.
“We have developed a code of corporate governance and a state ownership policy which are pivotal to our operations,” Mr Boadu said.
He said SIGA in the last five years had championed good governance and growth among SOEs and SEs.
“We have also made significant strides in improving financial reporting and compliance among SEs,” Mr Boadu said.
SIGA now oversees 79 performance contracts, up from 50, and has introduced new indicators to monitor compliance, focusing on governance, transactions, financial obligations and Environmental Sustainability and Governance (ESG) metrics.
The number of entities submitting accounts to the State Ownership Report (SOR) has risen from 18 in 2016 to 147 in 2023.
Mr Boadu noted that some SOEs had shown consistent profitability from 2019 to 2023, while others had struggled with persistent losses.
For instance, Bui Power Authority, E.S.L.A Plc, Ghana National Gas Company Ltd, Ghana Infrastructure Investment Fund, State Housing Company Ltd and TDC Company Ltd have all posted increasing profits over the years.
Conversely, entities such as the Ghana Cylinder Manufacturing Co. Ltd, GNPA Ltd, the Ghana Water Company Ltd and the Tema Oil Refinery have recorded significant losses during the same period.
The State Ownership Report also highlighted dividend payouts by SEs, with Minority-Interest Companies (JVCs) contributing GH¢139.7 million (71.89 per cent), other JVCs contributing GH¢48.2 million (24.83 per cent ) and State-Owned Enterprises contributing GH¢6.2 million (3.19 per cent), totalling GH¢194.1 million.