President Nana Akufo-Addo has cautioned Chairpersons of Boards and Chief Executives of State Owned Enterprises to sit up and collaborate with the government and bring forth strategic ways to develop the country or face expulsion from his government.

He also charged CEOs of State Owned Enterprises to help change the current economic situation.

According to the President, the present state of the economy requires a collective effort and expertise of all his appointees to help build a robust economy.

The President raised concerns about how some board chairs and CEOs have stayed back without their significant input in managing the economy while others receive the backlash.

The President called on them to sit up or get fired.

President Nana Addo made this statement at the 2023 State Interest and Governance Authority (SIGA) annual stakeholder meeting in Kwahu-Nkwatia on Friday, February 10.

“Board Chairs and entity heads have for a long time been overlooked when blame is apportioned for the downturn of the country’s economic fortunes with the flak going largely to sector ministers and Mr President. You can no longer stay in the shadows while others receive the backlash for the nation’s current problems.

“The time has come for you to own up to these responsibilities and take the front stage…You should be the major drivers of the nation’s economy rather than being a financial burden. It is unacceptable that specific entities that control half of the nation’s assets contribute less than 5 percent of the nation’s GDP.”

President Nana Akufo-Addo also directed all SOEs to submit all management accounts by the close of 28th February 2023 to the Controller and Accountant Generals Department for consolidation.

The President disclosed that as of the third quarter of the year 2022, only 54 percent of SOEs submitted their financial statements for consolidation into the national account.

He emphasized that the late and non-submissions of financial statements by SOEs undermined the work of the controller and accountant generals’ department in providing the global picture of Ghana’s public finance.

The President added that non-compliance with financial reporting timelines remains a major challenge for SIGA and his government.