The State Interests and Governance Authority (SIGA) has called on state-owned enterprises and other specified entities in Ghana to work together and leverage their respective strengths to create greater value for the country. This, according to SIGA, can improve efficiency, expand services, create jobs, and strengthen the financial performance of the entities. The Authority cited the Bank Assurance partnership between SIC Life Insurance and the National Investment Bank (NIB) as an example of successful collaboration.
The partnership between SIC Life Insurance and NIB provided an example of how public enterprises could leverage their products, services, expertise, and customer networks to create value within the state-owned enterprise ecosystem. Under this partnership, NIB customers can access insurance solutions through familiar channels, while SIC Life expands its reach. This collaboration allows both entities to benefit from each other's strengths.
SIGA has about 175 state entities under its oversight, many of which provide services that could also be utilised by other state institutions. The Authority encourages commercially viable inter-trading among its specified entities, provided such arrangements are based on sound corporate governance and proper commercial assessment. This, according to SIGA, will help retain value within the public sector while ensuring that collaborations benefit the institutions and the country.
Many state institutions in Ghana have complementary capabilities that can be combined to improve customer service, expand market reach, and strengthen financial performance. SIGA's Director-General, Professor Michael Kpessa-Whyte, urged leaders of State Institutions to identify areas of mutual need and capability and explore partnerships that are commercially viable and capable of delivering measurable value.
To facilitate collaboration among its specified entities, SIGA is considering including partnerships among the indicators used in assessing the performance of its entities. The Authority's SIGA Connect initiative is also helping specified entities to showcase their products and services, identify areas of mutual need, and explore opportunities for collaboration and business.
The success of the SIC Life-NIB partnership will be measured by increased customer reach, improved services, operational efficiency, revenue growth, and stronger financial sustainability. This partnership should serve as a catalyst for more purposeful collaboration among specified entities in various sectors, including banking, insurance, transport, energy, technology, accommodation, and training.
SIGA will continue to facilitate dialogue among its specified entities and encourage them to make greater use of products and services available within the state-owned enterprise ecosystem. The Authority believes that stronger collaboration among state institutions can drive growth, improve efficiency, and create more value for Ghana.
Key points
- State entities in Ghana are urged to collaborate to improve efficiency and create jobs.
- The partnership between SIC Life Insurance and NIB is cited as an example of successful collaboration.
- SIGA has about 175 state entities under its oversight.
