The Energy Sector is the best performing in terms of revenue contribution to the state, Director-General of the State Interests and Governance Authority (SIGA) Stephen Asamoah-Boateng has disclosed.
This, he said, is contrary to public opinion that the energy sector entities are a drain on the state, saying “they are among the best performing, accounting for over 60 percent of revenue from State owned-Enterprises, Joint Venture Companies, and Specified Entities.”
Mr Asamoah-Boateng attributed this turnaround to the “visionary leadership of the President, H.E Nana Addo Dankwa Akufo-Addo in instituting SIGA to facilitate performance management in SOEs and other prescribed bodies, within the framework of Government policy, to ensure that they operate efficiently, effectively and profitably.”
Referring to data from the 2019 State Ownership Report, he said that the list of top 10 SOEs by revenue and net profit were dominated by energy sector entities such as Electricity Company of Ghana (ECG), Volta River Authority (VRA), Ghana National Petroleum Corporation (GNPC), and Bui Power Authority (BPA).
The State Ownership Report is a document that was initiated in 2017 as part of the government’s strategy to reform and improve the governance and financial performance of SOEs.
The initiative sheds light on the performance of SOEs and improves transparency and accountability in the SOE sector.
Mr Asamoah-Boateng also thanked SOEs for their improvement in the submission of audited accounts and financial reports by the same State Ownership Report.