The President of Ghana, Nana Akufo-Addo has directed the Institute of Directors (IoD) Ghana to make a formal request from the Institute which is seeking to recommend trained and certified directors from its register to serve on the newly created State Interest and Governance Authority (SIGA) Board and all strategic public boards.
This follows an official meeting between the president and a twenty-member delegation led by Mr. Rockson Kwesi Dogbegah, the President of the Institute held at the Flagstaff House last Tuesday.
According to the IoD, the official interaction was to assist in complimenting government’s effort in promoting the culture of good corporate governance practices in the country as well as pledging its total support to government.
Earlier this month, President Akufo-Addo assented the State Interests and Governance Authority Act to protect the state’s interest in State Owned Enterprises (SOEs).
The purpose of the SIGA Act is to establish a single entity to efficiently manage the interests of the State in SOEs, Joint Venture Companies (JVCs) and other state entities including regulatory bodies. This measure is expected to harmonize guidelines to oversee and administer the activities of state enterprises that would in turn ensure greater transparency and ultimately, better financial performance.
Speaking with the Goldstreet Business, Mr. Rockson Dogbegah said the president was satisfied with the discussion and expressed his optimism that the Executive will give the needed attention when the request is sent.
Meanwhile, the team also engaged with government to constitute a committee of technocrats to review the current Presidential Transition Act (Act 845) on a portion that addresses succession planning in SOEs.
This is because, the current Presidential Transition Act – which was amended in 2016 – prescribes the automatic dissolution of all boards of State Enterprises on the assumption of office of a new President from the time he/she takes the oath of office.
“This is a very controversial area that needs a critical discussion and further dialogue. All governments have their philosophies and it may be difficult to keep old boards in place who may not be aligned to the agenda of a new government”, President Akufo Addo said.
Source: Goldstreet Business
