President Akufo-Addo has announced the appointment of former Western Regional Minister, Dr Kwaku Afriyie to oversee the operations of State-Owned Enterprises.

Mr. Afriyie’s appointment follows the consolidation of all State-Owned Enterprises under one umbrella body called the State Interest and Governance Authority (SIGA).

The government is hoping to turn around the fortunes of State-owned enterprises and reduce losses.

President Akufo-Addo speaking at the launch of State Interest and Governance Authority said: “Minister of State at the Office of the President, Dr. Kweku Afriyie, the Member of Parliament for Sefwi Wiawso, another experienced high-powered public official has been appointed by the President of the Republic in accordance with law to exercise oversight responsibility over SIGA.

Mr. Terry Darko, former President of the Ghana Employers’ Association chairs the SIGA, while Mr. Stephen Asamoah Boateng, had been appointed the Director-General of the Authority.

President Akufo-Addo, during the launch, warned board members and corporate executives of State-Owned Enterprises (SOE’s) who defy the statutes governing their institutions to get ready to face the law squarely.

“The days where board members and corporate executives flout rules and regulation and are left off the hook are over,” the President said.

President Akufo-Addo indicated that the law establishing SIGA, (Act 990), had empowered the body to prosecute board members and corporate executives who break or sidestep corporate governance regulations.

Those who violate the law could face a jail term of not less than 5 years, and up to 10 years, he stated, adding, “This is a strong indication of the extent to which the barometer of corporate governance and executive decision making has been lifted.”

The President said though the SIGA was not the panacea to all the challenges faced by SOE’s, the institution would manage state assets in a more financially sustainable manner and provide better returns on investments on SOE’s, Joint Venture Companies and other State enterprises.

The Authority, established due to the negative returns on state-owned companies and corporate governance challenges, would be responsible for assisting the Finance Ministry to assess the borrowing levels of the state-owned enterprises and other state enterprises in accordance with the relevant financial laws.