President Nana Addo Dankwa Akufo-Addo has directed the Director-General of State Interests and Governance Authority (SIGA) to work with the Auditor-General to within four weeks investigate the causes of the infractions and malfeasance raised in the 2021 Audit report.

President Nana Addo Dankwa Akufo-Addo

Edward Boateng is expected to also recommend actions to be taken in line with laws governing such misconduct.

President Akufo-Addo stated the Auditor-General in the 2021 Audit report, reported an increase in the number of infractions committed by Specified Entities, and this demands answers from Chairpersons of these entities.

He noted that Specified Entities have been set up to provide efficient public services, promote public economic activities, contribute to Ghana's GDP, reduce imports, increase exports, and, thereby, strengthen our economy, whilst creating jobs for our people.

A total of ¢17.4 billion in financial irregularities were flagged by the Auditor-General in its latest report submitted to parliament for the 2021 financial year. This represents a 36% rise compared to that of 2020.

Speaking at a meeting with Chief executive Officers of state-owned enterprises, President Akufo-Addo said:

"The current trend of affairs neither portrays that picture, nor reflects positively on the managers of our Specified Entities, oversight institutions, and the government itself. It is a clear indication of poor supervision and management, as well as poor enforcement of implementation and sanctions of the needed measures.

“I appointed you as leaders of these Specified Entities with the strong belief that you would ensure a positive change in the narrative of loss-making entities and build value for the people of Ghana. That has not happened, so I expect more from you.

“I want to see a marked improvement in these reports next year. Things must change. Your hard-earned reputation and honour are at stake if things crumble under your watch, and there are also serious sanctions in the SIGA Act and other laws for mismanagement, negligence and outright malfeasance.”

The President continued: “I am directing the Director General of SIGA to work with the Auditor General to drill down the causes of the infractions, identify the persons responsible and make the necessary recommendations as prescribed by law. I have given them four weeks from now to submit a report to the Chief of Staff.

“I will continue to advocate for good corporate governance practices in our specified entities where boards effectively oversee and direct management. Boards must desist from interfering into day to day management of their respective specified entity and making unwarranted demands of their management.

“I appointed you as leaders of these specified entities with a strong belief that you will ensure a positive change in the narrative of loss-making entities and build value for the people of Ghana. That has not happened so I expect more from you."

“I want to see a marked improvement in these reports next year. Things have to change…we are not in normal times and people are eager to blame somebody, let us not make it easy for people to blame us. We can defend and be excused for what is humanly beyond our control but for those that fall under our purview of responsibility and capacity, let us do our best,” the President stressed.