As the nation's economy experiences one of its most difficult periods in history, President Nana Addo Dankwa Akufo-Addo has warned Chief Executive Officers (CEOs) and Board Chairpersons of State Owned Enterprises (SOEs) to sit up or risk being removed from their positions.
He said that for a long time, the President and sector ministers had received the majority of the blame for Ghana's economic decline, while the CEOs and board chairs of specific organisations had been neglected.
President Akufo-Addo said in his keynote speech at the inaugural State Interest and Governance Authority (SIGA) annual stakeholder meeting being held at Kwahu Abetifi in the Eastern Region that those CEOs could no longer remain in the background while others faced criticism for the nation's policies.
"Now is the time for you to assume this duty and lead the way in the advancement of our country. You hold some of the keys to releasing some of Ghana's full economic potential as the leaders of our industries.
"You should be the key drivers of the economy rather than being a financial burden," he said. "Jump-starting our economy begins with you."
Third from left, President Akufo-Addo, with some of the participants
"Time to reflect and rebuild" served as the topic of the SIGA stakeholder gathering.
More than 200 CEOs and board chairs of the country's designated enterprises attended.
Justify the service call
The President deemed it intolerable that some entities, which together held 50% of the nation's assets, produced less than 5% of the country's GDP (GDP).
His message was straightforward: "Your duty is clear, be efficient and profitable when applicable and contribute considerably to the growth of the economy." "Your call to this service was founded on the belief in your talents to assist develop our nation," he said.
He stated that he anticipated those mentioned firms to contribute around 30% to GDP.
I implore you all to think carefully about the state of our country, your role in it, and what you can do to help things get better.
"Excuses for failure to perform will no longer be accepted. He sternly warned, "Steer the ship like a capable captain or get thrown overboard.
Utilizing the AfCFTA
In order to provide chances for intra-African commerce, President Akufo Addo further advised the designated organisations to use the African Continental Free Trade Area (AfCFTA) Secretariat.
He said that would help the nation's exports grow and guarantee food security.
"Our country is going through one of its hardest periods in history; the challenge before us is formidable, but solvable. We must improve income mobilisation and reduce spending if we want to succeed.
"You are accountable for guiding your respective companies towards economic success by supporting innovation and expansion. I have no doubt that we will either sink or sail together.
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