Finance Minister, Ken Ofori-Atta, has sworn in new board members of three state institutions, namely, the Securities and Exchange Commission (SEC), the Ghana Revenue Authority (GRA), and the Social Security and National Insurance Trust (SSNIT) to steer affairs of their respective organisations for the next four years.
The finance minister urged all three boards to put the country’s interest first in the performance of their duties so as to help the pandemic-hit economy recover quickly.
With regards to SEC, Dr. Yeboa Amoa heads the board as chairman, while, Mr. Daniel Ogbarmey Tetteh, Mrs. Deborah Mawuse Agyemfra, Mr. Paul Ababio, Mrs. Elsie Addo Awadzi, Mr. Sampson Akligoh, Mrs. Jemima Oware, Mr. Yaw Acheampong Boafo, Mr. Augustine Addo, Prof. Joe Amoako-Tuffour, and Ms. Deila Awo-Yaa Assimeh are all members.
Speaking at the brief ceremony in Accra, Mr. Ofori-Atta commended the previous board for a good work done that has resulted in some significant milestones in the capital market. He encouraged the new board to continue in the same direction.
Board Chairman, Dr. Yeboa Amoa, assured the minister that the new board will not disappoint but work hard to strengthen the capital market.
“We rededicate ourselves to continue with the same tenacity of purpose, focus and resolve to forge ahead and ultimately lead Securities and Exchange Commission to new levels of success in the fulfilment of its mandate. On behalf of my fellow commissioners, I wish to assure you that we will work with the SEC team to complete, consolidate and continue the various initiative designed to unleash the great potential of the capital market in Ghana,” he said.
With respect to the GRA, Dr. Anthony Oteng-Gyasi heads the board as chairman, while, Mr. Ammishaddai Owusu-Amoah, Mad. Adelaide Ahwireng, Prof. Peter Ohene Kyei, Mr. Kwabena Boaten, Mrs. Dela Obeng-Sakyi, Dr. Maxwell Opoku-Afari, and Nana Ama Dokua Asiamah-Adjei as members.
Mr. Ofori-Atta charged the board to work assiduously to ensure the GH¢57 billion revenue target for the year, representing a 25.7 percent growth over the GH¢45.4 billion collected for the 2020 fiscal year, is achieved.
“There is an urgent need on the part of this new Board to marshal all available resources to guide the Management of the Authority to achieve these Revenue Targets.
I believe the task for the reconstituted Board is laid out clearly. You must work together to go beyond your predecessors and align your activities with our theme for the year; the 3Cs (Completion, Consolidation and Continuity).
I am aware that some work has already started aimed at transforming the Authority, streamlining its business, address the limiting bureaucracies to foster easier tax compliance. It is imperative for the members of this reconstituted Board to ensure that these initiatives are continued to the point of completion and the GRA’s orientation is transformed into a truly service-oriented organisation,” he said.
Board Chairman, Mr. Oteng-Gyasi, assured the public that the new board will do its best to deliver on its mandate.
“We acknowledge the strategic importance of GRA in our economy and we have duly taken note of the minister’s message with keen interest. He has set out our jobs for us. I welcome the new members to this challenging responsibility and particularly the admonition to help grow Ghana’s domestic revenue even in the midst of this pandemic.
Considering the diverse background of members of the board, we will be right in assuring the President and the minister that we are equal to the task which has been set for us, and with common will, we shall deliver on our mandate by providing strategic policy directions,” he said
Then, with the SNNIT board, Ms. Elizabeth Akua Ohene is the new chairperson, replacing Dr. Kwame Addo Kufour. She works with the following board members: Dr. John Ofori-Tenkorang, Managing Director of the Trust; Dr. Emmanuel Adu-Sarkodee, Mr. Daniel Acheampong, Mr. John Sesanu Amegashie, Dr. Evans Agbeme Dzikum, Ms. Ivy Betur Naaso, Mr. Benjamin Odoteye Asumang, Mrs. Abena Osei-Asare, Mr. Peter Osei Duah, and Mad. Gloria Irene Amaki Payida.
The finance minister expressed some concerns about the Investment and Development Division, saying, it urgently needs rebalancing, as most of the investments in real estate and unlisted equities are illiquid and not expected to achieve any return in the short term.
Chairperson of the board, Madam Elizabeth Ohene, encouraged the new members not to let Ghanaian workers and pensions down, but work in their best interest to ensure that retirees are not left worst of after their active years.
“We recognize that we are assuming great responsibility. Pensions are scared or ought to be because old age has many challenges. But a reasonable pensions plan enables you to face those challenges. There is a very good reason for calling this board a board of trustees; we have to be trusted to make decisions in the best interest of beneficiaries of today and of tomorrow.
Ghanaian workers are trusting their futures to us to ensure that their pensions have a reasonable value for the rest of their lives. I assure you; we will stay faithful to the tenets of Act 766 and ensure stakeholder involvement to be aware of changing needs and aspirations,” she said.