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Nana Addo defends the creation of SIGA

President Nana Addo Dankwa Akufo Addo has explained the government's decision to upgrade the State Enterprises Commission (SEC) to a State Interest and Governance Authority (SIGA).

President Nana Addo Dankwa Akufo Addo

The framework is to primarily promote good governance among state enterprises and also ensure that State-owned Enterprises (SoEs) adhere to good corporate practices to promote the growth of industry and commerce, he said.

Swearing-in of the Board of SIGA, Nana Addo said his "expectation is that you will help develop a new culture for this new institution, SIGA and not be bound by the culture and practices of institutions which were its predecessors. There is a general agreement that those institutions did not work well in the interest of our country and that is the reason why this new Authority has been brought into being."

The State Enterprises Commission was established under the SEC Law 1987, to oversee and coordinate activities of state-owned enterprises to ensure targets are met. Its impact on the performance of the SOEs, however, has not been felt over the years – which has diminished its importance.

Presently, the government holds varying equity interests in about eighty-four (84) companies, comprising forty-four (44) wholly state-owned enterprises (SOEs) and forty (40) Joint Venture Companies (JVCs).

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