At the ceremony at the Jubilee House, the President expressed the hope that the board chairman, together with the other members of the board and the management of SIGA, would help infuse best practices from the private sector into the management of public enterprises to make them productive.

Mr Darko had to be sworn in yesterday because he was not in the country when the other board members took their oaths on September 4, this year.

Act 990

President Akufo-Addo said the State Interests and Governance Authority (SIGA) Act, 2019 (Act 990), which establishes SIGA, offered the authority the mandate to monitor the performances of state-owned enterprises (SOEs) and joint-venture companies and also streamline ownership and aspects of operations of other specified entities, such as their governance issues, including regulatory institutions.

He said SIGA was also expected to develop a code of corporate governance to guide and promote sound governance and institutional performance of specified entities, assist the minister responsible for Finance to assess the borrowing levels of SOEs, in accordance with the Public Finance Management Act (PFMA), 2016 (Act 921) and ensure that dividends due to the state were paid.

He referred to portions of the act which stated that a member of the board who contravened sub-sections One or Two committed an offence and would be liable, on summary conviction, to a fine of not less than 3,000 penalty units or to a term of imprisonment of not less than five years and not more than 10 years or both.

President Akufo-Addo indicated that that was a strong indication of how high the bar of corporate governance and executive decisions had been lifted and said it was expected that SIGA work in tandem with respective sector agencies and their boards to assist in moving the country to prosperity.

He urged the board to be the watchdog to ensure that entities under its jurisdiction lived up to their mandate.

Board Chair

Mr Darko commended the President for the confidence reposed in him and assured him that he would join hands with other members to do their best.