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.
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.
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.
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.