SIGA did not conjure or manufacture figures – Prof Kpessa-Whyte

Director General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, has defended the figures in the Authority's report on the performance of state-owned enterprises (SOEs). He asserted that the data were sourced from audited accounts of the entities, verified by auditors appointed by the Auditor-General. SIGA did not fabricate the figures; they were based on audited accounts and the Auditor-General's report.

Professor Kpessa-Whyte acknowledged that several concerns raised about the figures and SOE performance had been addressed in SIGA's report. He emphasized that foreign exchange movements significantly impacted the entities' performance, but operational efficiency also contributed to the results. He cautioned against misconstruing the report's findings as if SIGA had failed to account for them.

SIGA included caveats and contextual issues in its assessment to ensure the SOEs' performance was not viewed in isolation. The Director General argued that the report's performance should be evaluated against the broader economic conditions at the time, including macroeconomic circumstances. He noted that separating foreign exchange movements from operational efficiency could help determine the extent to which SOE managers had contributed to their performance.

However, he stressed that the broader economic environment was influenced by government policies and economic management.

The Director General also challenged the perception that state-owned enterprises cannot perform well, emphasizing that reported improvements should not be dismissed solely due to their publicly owned nature. He cautioned against dismissing the improvements, stating that it did not necessarily mean that SOEs cannot perform well. Professor Kpessa-Whyte expressed openness to constructive discussions about the findings to ultimately contribute to Ghana's development.