On JoyNews’ Newsfile on Saturday, September 5, Prof. Michael Kpessa‑Whyte, Director General of the State Interests and Governance Authority (SIGA), defended the figures in the Authority’s latest report on state‑owned enterprises (SOEs). He said the data were drawn from audited accounts of the entities, with auditors appointed by the Auditor‑General.
"SIGA did not conjure or manufacture the figures. These are figures from audited accounts from the entity, and the auditors to these entities were appointed by the Auditor‑General, and it is the Auditor‑General’s report out of this account that ultimately makes its way during the Public Accounts hearing," the professor said.
He added that several concerns raised about the figures had already been acknowledged and addressed in SIGA’s report. The Authority had highlighted that foreign‑exchange movements had a significant impact on performance, but also stressed that operational efficiency contributed to the reported improvement.
"For instance, Forex. We made it clear that the performance has been largely shaped by Forex, and we also made it clear that a significant part of it was based on operational efficiency as well," Kpessa‑Whyte explained.
The director cautioned against treating observations already in the report as if the Authority had missed them. He said SIGA had deliberately included caveats and contextual issues so that SOE performance was not viewed in isolation.
He argued that assessing SOE performance against the broader economic conditions is legitimate, noting that policies promoting exchange‑rate stability, lower inflation and predictable interest rates create a more stable environment for long‑term decision‑making.
Challenging the perception that SOEs are inherently incapable of performing well, Kpessa‑Whyte said the reported improvements should not be dismissed simply because they involve publicly owned entities. He urged caution in labeling the turnaround as complete, while acknowledging that private‑sector institutions are often viewed as more capable.
He concluded that SIGA remains open to scrutiny and constructive discussion about its findings, welcoming conversations that could improve SOE management and contribute to Ghana’s development.
