Accra, Jan. 19, GNA – The Ministry of Finance has called on the New Board of the Ghana Supply Company Limited to adhere to and appreciate the existence of the Public Procurement Act of 2003 (Act 663) and the Amendment Act (Act 914).
Mrs Abena Osei-Asare, a Deputy Minister for Finance, urged the Board to be accountable in all the supply activities of the company and to follow the Procurement Act to ensure transparency, fairness, competition and value for money, among others.
Mrs Osei-Asare made the call during the inauguration of the New Board of the Company in Accra.
The Minister said the confidence reposed in the Board was expected to reflect in their delivery in making the Company a profitable and self-sustaining State-Owned Enterprise.
She said the Ministry recognized the significant strides the company chalked in the last five years, especially in the area of corporate governance.
She said the company, which was indebted to several individuals and organizations in the past, could now look forward to a brighter and more fulfilling role.
Mrs Osei-Asare said the last Board took up the challenge and helped revive the fortunes of the company but there was still a lot of work ahead that needed to be done.
She said with a new vision of achieving efficiency and productivity, the Company had thrived for very high corporate governance standards.
The Minister said the Government believed that the new Board could help steer affairs of the company by building on the foundations laid over the past few years.
“We as a Ministry, working together with SIGA, are also willing to give you the necessary support to succeed as we have done in the past,” she added.
Major Daniel Ablorh-Quarcoo, the Board Chairman, commended the President for the confidence reposed in them to serve the Company.
He said the company had been struggling to sustain itself in the business environment since its monopoly over the procurement of goods and supplies to government institutions was broken and decentralized.
The Board Chairman said the Company had to face stiff competition from the private sector even for the clearance of goods at the port coupled with other poor management issues.
“The Company had sold some of its assets to meet the current expenditure obligations,” he said.
GNA