President Nana Addo Dankwa Akufo-Addo has warned chief executive
officers (CEOs) and board chairmen of state-owned enterprises (SoEs)
that he will not hesitate to do away with their services if they commit
any infraction in the discharge of their duties.
“I want to reiterate to you all that I’m not ready to shield anyone who
commits any infraction in the discharge of his or her duty. I will not
protect anyone and I will not hesitate to sack the person once the
process finds him or her culpable,” he warned.
The President gave the warning when he addressed CEOs and board chairmen
of SoEs at their retreat in Mankessim in the Central Region over the
weekend.
Briefing the Daily Graphic on the retreat on Sunday, September 15, the
Minister of Information, Mr Kojo Oppong Nkrumah, said the President
urged the CEOs and the board chairmen to be guided by the State Interest
and Governance Authority (SIGA) Act and ensure that they did not in any
way circumvent the law to avoid dragging the name of the government
into any controversy.
He said the President reminded them that the days when board members and
CEOs flouted rules and regulations and were let off the hook were over,
as the SIGA Act had strengthened the laws and his personal resolve to
deal with the issue of corruption.
The minister also indicated that the President reiterated the warning
that appointees who committed any infraction would be made to face the
law and if they flouted the rules and regulations of corporate
governance, they would be sacked outright to send the strongest signal
about his resolve not to shield any of his appointees found culpable.
The three-day retreat in Mankessim is to help the CEOs and the board
chairmen review their performance for the year, as well as discuss the
new SIGA Act and how it will impact on the discharge of their duties.
The retreat also saw presentations by the Minister of Finance, Mr Ken
Ofori-Atta, and the Minister for Public Procurement, Ms Adwoa Safo.
Resolve
The Director-General of SIGA, Mr Stephen Asamoah-Boateng, speaking on
behalf of his colleague CEOs, resolved to do well to comply with the
law.
He said they were humbled by the President’s frankness.
Background
Parliament passed the SIGA Bill into an act on May 29, 2019 and it received Presidential Assent a week later.
The authority oversees and administers the state’s interests in SoEs,
joint venture companies and other entities in which the state has an
interest.
The act (Act 990) now empowers the body to prosecute board members and
corporate executives who break or sidestep corporate governance
regulations.
Those who violate the law could face a jail term of not less than five years and up to 10 years.