Let your work support gov’t development agenda – Ofori-Atta tells SSNIT, GRA, SEC boards
The Finance Minister, Ken Ofori-Atta, has tasked the newly inaugurated Boards of three key government institutions in the financial sector to ensure that they work to support the government’s development agenda.
The institutions, the Social Security and National Insurance Trust (SSNIT), Ghana Revenue Authority (GRA) and Securities and Exchange Commission (SEC), had their Boards inaugurated in Accra on Tuesday, August 10 by the Mr Ofori-Atta.
At separate ceremonies to inaugurate the boards, the Finance Minister charged them to deliver strong, transparent and responsive institutions, and remarkable results, which would be critical in achieving the government’s goal of transforming the economy.
A former Managing Director of the Ghana Stock Exchange (GSE), Mr Yeboa Amoa, chairs the 11-member SEC Board.
A former Minister of Education and former Editor of the Daily Graphic, Ms Elizabeth Akua Ohene, chairs the 13-member SSNIT Board.
GRA has a nine-member Board, chaired by an industrialist, economist and lawyer, Mr Tony Oteng-Gyasi.
SSNIT Board charged to build a strong scheme to meet the needs of the Ghanaian workforce
The SSNIT Board, Mr Ofori-Atta, said, required acting in the interest of contributors by making sure they build a strong scheme, which is capable of meeting the aspirations of the Ghanaian workforce.
Mr Ofori-Atta urged the Board to ensure that the trust prioritised the use of data analytics to drive operational excellence and decision-making, adding that, “as it stands, there is a data management unit at each SSNIT branch.”
The Finance Minister disclosed that as of December last, the unaudited financial report of SSNIT showed an increase in net assets from ¢8.05 billion in 2016 to ¢11.35 billion.
Also, the net contributions grew from ¢1.51 billion in 2016 to ¢4.17 billion at the end of last year, and charged the new Board to do more.
“I believe the task for the reconstituted board is laid out clearly. Unlike the previous board, you are taking over a trust that has become increasingly transparent, with improved relationships with its stakeholders that pursue optimal investment opportunities.
“You must work together to go beyond your predecessors and align your activities with our three Cs (completion, consolidation and continuity),” the finance minister said.
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GRA Board charged to enhance domestic revenue mobilisation
When the finance minister, Mr Ofori-Atta inaugurated the nine-member Board of GRA, he charged them to ensure that domestic revenue mobilisation is significantly improved.
This is because domestic revenue is “at the heart of our economic recovery and essential to our national medium term development policy framework (NMTDPF), best captured as the Ghana beyond aid agenda of the government,” he explained.
He said the government was committed to raising the country’s tax to GDP beyond 20% in the medium term, noting that the additional revenue was of the critical importance to financing the many initiatives that underpin our recovery and transformation agenda.
Consequently, the GRA has been tasked to collect a total revenue of GH¢57.06 billion for the 2021 fiscal year, representing a 25.7% growth over the GH¢45.4 billion collected for the 2020 fiscal year.
The GRA is further required to mobilize additional revenue of GH¢30 billion under the GH¢100 billion three-year Ghana CARES programme. The revenue authority is to generate GH¢5 billion in 2021, GH¢12.5 billion, 2020, and GH¢12.5 billion in 2023.
The finance minister pointed out that, there was an urgent need on the part of this new Board to marshal all available resources to guide the management of the authority to achieve these revenue targets.
“I am aware that some work has already started aimed at transforming the authority, streamlining its business, address the limiting bureaucracies to foster easier tax compliance. It is imperative for the members of this reconstituted Board to ensure that these initiatives are continued to the point of completion and the GRA’s orientation is transformed into a truly service-oriented organisation,” he said.
READ ALSO: Ghana Revenue Authority Goes After 5,000 Wealthy Tax Evaders
Develop dynamic and vibrant firms – SEC told
According to the finance minister, it was important for SEC to develop dynamic and vibrant firms in the industry that understand the securities market and have the right products and services.
He noted that the key achievements attained in the Capital Market over the last few years, has provided a blueprint for the development of the market to be consolidated.
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He urged the board to work with the management to deepen the commission’s role in all financial sector engagements and work with the ministry of finance to achieve success as quickly as possible.
The minister also urged them to deliver remarkable results on key initiatives to help transform the Ghanaian capital market.
“I am confident in the quality of the membership of the SEC Board. Your varying degrees of expertise leaves me with no doubt that your board will live up to expectation. Teamwork will ensure that the board meets the expectations of the government, industry and the public,” he said.