"National Account: Ghana\u2019s balance sheet \u201clooking good\u201d- Controller and Accountant General"

" \r\n \r\n\r\n National Account: Ghana\u2019s balance sheet \u201clooking good\u201d- Controller and Accountant General \r\n\r\n \r\n \r\nThe Controller and Accountant General\u2019s Department says Ghana\u2019s balance sheet on its national account is \u201clooking good\u201d.\r\n\r\nDr Mac-Effort Adadey, Director of National Accounts, Controller and Accountant General\u2019s Department, said the good outlook followed the consolidation of the accounts and assets of State-Owned Enterprises (SOEs) and Specified Entities (SEs).\r\n\r\nThe Director, who said this at the 2 nd\u00a0 State Interest and Governance Authority (SIGA) Editors\u2019 Forum, on Tuesday, commended SIGA for championing the initiative.\r\n\r\nHe said it saw significant growth in the country\u2019s GDP in the last three years, with SOEs and SEs making \u2018decent\u2019 contributions.\r\n\r\nDr Adadey said for instance in 2020, 19 SOEs and SEs contributed three per cent to the country\u2019s GDP.\r\n\r\nIn 2021, 48 SOEs and SEs contributed six per cent to the country's GDP, with 62 SOEs and SEs contributing 10 per cent in 2022.\r\n\r\nThe Director said with assets, 19 SOEs and SEs contributed 30.74 per cent to Government\u2019s assets in 2020, 48 contributed 49.14 in 2021, with 62 contributing 76.4 in 2022.\r\n\r\nDr Adadey said a good balance sheet would give the country a sound foundation to relate to the external world for cheaper loans, saying \u201cthe true picture is coming out\u201d.\r\n\r\nHe encouraged all stakeholders, especially SOEs and SEs to comply with the Public Finance Management Acts and Regulations for accelerated growth.\r\n\r\nMr Edward Boateng, the Director-General of SIGA, said many SOEs had moved from non-performing to doing better.\r\n\r\nHe said the target was to get all 87 SOEs and SEs to become the net contributor to GDP and that SIGA was working towards transforming them into global brands so they could contribute meaningfully to national development.\r\n\r\nThe Director-General said that would be achieved by leveraging technology and human resource development to make public service attractive to smart young graduates.\r\n\r\nMr Boateng said the transformation was work in progress and that more SEs were signing performance contracts, with improvement in financial reporting and compliance.\r\n\r\nHe also noted that year-on-year dividend receipt had gone up from GHC103,973,900.00 in 2019 to GHC 475,022,312.91 in 2022.\r\n\r\nLast week, SIGA organised its flagship Public Enterprise League Table (PELT) Awards to celebrate well performing SOEs and SEs.\r\n\r\nThe Awards is a technical scheme that ranks Specified Entities based on the evaluation of the Annual Performance Contract they sign with the Government represented by SIGA.\u00a0 It is to improve efficiency in corporate governance and value addition by fostering healthy competition among the SEs."

"National Account: Ghana\u2019s balance sheet \u201clooking good\u201d- Controller and Accountant General"

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