He says the move will address issues of underperformance of state institutions and turn most of them into profit yielding ventures.
This also comes on the back of a performance review for state enterprises in 2019.
Speaking at a 2020 performance contract signing ceremony, Vice President Dr. Mahamudu Bawumia emphasized the need to change the seeming opaque operations which often led to the payment of debts by successive governments.
“SIGA is charged to focus on designing and implementing comprehensive policies and guidance that will assist our state entities to highly perform. It has also been charged to analyze extensively, the root causes of underperformance of some of these entities, examine best international practices and benchmark performance to help upgrade policies and legal framework governing the entities and make recommendations to the president in the appointment of boards and management who will have the right experience and skill-mix to transform the entities as stated in the SIGA law Act (990).”
The SIGA replaced the State Enterprises Commission (SEC) which had a supervisory role over the performance of all institutions with a majority of state ownership.
The new Authority derives its mandate from the SIGA law, Act 990 which was passed in 2019.
The Act that established the State Interests and Governance Authority, was to oversee and administer the State interests in state-owned enterprises, joint venture companies and other State entities and to provide for related matters.
The objectives of the Authority are to promote within the framework of Government policy, the efficient or where applicable profitable operations of specified entities, ensure that specified entities adhere to good corporate governance practices, acquire, receive, hold and administer or dispose of shares of the State in state-owned enterprises and joint venture companies and oversee and administer the interests of the State in specified entities.
Among other things, the Authority is mandated to in consultation with the respective sector Ministers, evaluate the mandates of State-owned enterprises and other state entities and make recommendations to the relevant sector Ministers.