In a grand event that brought together government officials, business leaders, and stakeholders, the State Interests & Governance Authority (SIGA) hosted the second edition of the Public Enterprises League Table (PELT) Awards. The prestigious awards ceremony, held at the Accra International Conference Centre (AICC), sought to honor the most outstanding State-Owned Enterprises (SOEs) and Other Specified Entities (OSEs) in Ghana based on their Annual Performance Contracts signed with the government.
Amb. Edward Boateng, Director-General of SIGA, delivered a warm welcome address to the esteemed attendees, which included Ministers of State, Members of Parliament, CEOs of Specified Entities, the diplomatic community, media representatives, and development partners.
The SIGA D-G expressed his gratitude for the support and participation of Specified Entities in both the maiden and second edition of the PELT Awards.
Under the theme “Developing the Economic Superhighway Through Enhanced Corporate Governance of Specified Entities,” the event highlighted the crucial role of enhanced corporate governance in shaping the nation’s future. Amb. Edward Boateng emphasized that corporate governance is the cornerstone of sustainable growth and development.
One significant development leading up to the event was a recent study tour to China’s State-owned Assets Supervision and Administration Commission of the State Council (SASAC). A 30-member delegation, including CEOs, Board Chairs, and Top Management of various SEs in Ghana, visited SASAC to gain insights into managing and utilizing state-owned assets effectively. The study tour revealed key insights, such as the global presence of Chinese State-Owned Enterprises (SOEs), the role of the government in guiding SOEs, their focus on innovation and technology, and substantial investments in Research and Development (R&D). These insights have bolstered the belief that Ghana can replicate China’s success by focusing on corporate governance.
The PELT Awards, which began with 64 participating entities, has now expanded to encompass over 170 Specified Entities, indicating the growing relevance and impact of these awards in improving corporate governance and value addition among SEs. An analysis by the PELT technical team showed an average performance improvement among SEs, emphasizing the positive shift from concerns about non-performance to improved efficiency and accountability.
In his concluding remarks, Amb. Edward Boateng expressed his gratitude to the organizing committee and partner organizations, including PricewaterhouseCoopers (PWC) and the Institute of Directors Ghana (IOD-Gh), for their dedication and expertise in ensuring the fairness and accuracy of the evaluation process. He called on all stakeholders to continue elevating corporate governance standards, fostering competition, and enhancing the efficiency and profitability of SEs to promote prosperity and development in Ghana.
The second edition of the PELT Awards celebrated the successes achieved so far and looked forward to a brighter future for Specified Entities in the pursuit of a more prosperous Ghana.
The Food and Drugs Authority (FDA) took home the ultimate award as the Entity of the Year
It also won the SOE of the Year and Most Innovative SOE of the Year.
Other awardees were the Civil Aviation Authority (SOE of the Year), the Ghana Metrological Agency (Most Efficient SOE of the Year); the Ghana Airports Company Ltd (Most Profitable SOE of the Year) and the Ghana National Petroleum Corporation (Most Compliant SOE of the Year).
The rest are the Northern Electricity Development Company Ltd (Best SOE in Dynamic Effect); the Ghana Irrigation Development Authority (Most Compliant SOE) and the Gaming Commission of Ghana (Most Financially Sustainable SOE).