President Nana Addo Dankwa Akufo-Addo has declared zero tolerance for excuses and nonperformance by chief executives and board chairs of state-owned enterprises (SOEs).

He says they must perform or get shown the exit.

In his keynote address at the maiden State Interest and Governance Authority (SIGA) annual stakeholder meeting held at Kwahu Abetifi in the Eastern Region on the theme: 'Time to reflect and rebuild', President Akufo-Addo said: “The time has come for you to own up to this responsibility and take the front stage in our nation’s development".

"As captains of our industries, you hold some of the keys to unlocking some of Ghana’s full economic potential", he noted.

“Jump-starting our economy begins with you; you should be the major drivers of the economy rather than being a financial burden,” he stated.

The president told the 200 CEOs and board chairs at the event: “Your call to this service was based on the belief in your capabilities to help develop our nation and your task is simple, be efficient and profitable where applicable and contribute significantly to the growth of the economy."

“I entreat you all to reflect deeply on our nation’s current situation, what your contribution has been and what you can do to help turn things around".

“Excuses for non-performance will no longer be tolerated….. Steer the ship as an able captain or be kicked out,” he warned.

The president also urged the SOEs to leverage the African Continental Free Trade Area (AfCFTA) Secretariat to develop intra-African trade opportunities.

“Our nation is facing one of the toughest times in its history and the challenge before us is daunting but surmountable".

"We can only prevail when we increase revenue mobilisation and rationalise our expenditures".

“You have the responsibility to steer your individual entities toward economic development by encouraging innovation and growth".

"We have to sail together or sink together and I have no doubt about your expertise and commitment,” the president pointed out.