Accra, 17th January 2022 – Hon. Abena Osei Asare (MP), Deputy Minister for Finance on behalf of government inaugurated an eight-member board for Ghana Supply Company Limited (GSCL).
At the inaugural ceremony at the Ministry of Finance, she stressed that, accumulated experience was the fulcrum of membership selection criteria and noted, President Nana Addo Dankwa Akufo-Addo believed those experiences would impact the company positively.
“President has carefully selected you based on your relevant experiences, knowledge, skills and competencies he believes will inure to the benefit of the company. The President therefore reposes much confidence in you to deliver in making Ghana Supply Company a profitable and self-sustaining SOE”.
The Deputy Minister hailed the past board for their overwhelming performance amid the downturn of affairs of the company. She disclosed that, the then board under the leadership of Major Daniel Ablorh-Quarcoo worked and cleared eight years accumulated financial arrears among other things.
“The Board hit the ground running and made sure work on arrears of financial statements got started and today, arrears from 2012 to 2019 have been cleared and the target is to be up to date by close of 2022. The company has also subjected itself to all the annual performance contracts by SIGA since 2018”.
Against the success of the previous board, Hon. Osei Asare charged the new board to work relentlessly to record another overwhelming performance. “I therefore charge you to put your competencies individually and collectively to working as a team to transform Ghana Supply Company Limited”.
“The company hope to build on the solid foundation it has laid to turn things around to make profit and pay dividends to the state and also employ more Ghanaians to ease the unemployment situation in the country”.
She therefore assured the board of Ministry of Finance and SIGA’s support needed to succeed.
The eight-member board comprises of Major Daniel Sowa Ablorh-Quarcoo (RTD), the Chairperson, and the members are: Mr. Abraham Binapadam Jawol, Mr. Dennis Frimpong Agyebeng, Mad. Maria Aba Lovelace-Johnson, Mr. John Mantey, Mr. Robert A. Baidoo Jnr, Mr. Ouborr Kutando and Mrs. Juliana Addo-Yobo.
Responding to the charge on behalf of the board, Major Daniel Sowa Ablorh-Quarcoo (RTD) intimated that the introduction of the Public Procurement Act 2003, Act 663 as mended, Act 914 lowered the operational capacity of GSCL as it lost its monopoly to procure and supply government institutions.
“GSCL has since been struggling to sustain itself in the business environment ever since its monopoly over the procurement of goods and supply to government institutions and establishments was broken and decentralization of procurement was coded into law…”.
The Chairperson, however, stated that members on the board had accepted to serve the company with their expertise to make it profitable.
He, therefore, courted shareholders to support the company to remain functional to enable it pay dividends. “It is my hope that the shareholder support which was then being solicited from policy directives to cause state institutions to reserve at least about 30 to 40 percent of their procurement and port clearing businesses for GSCL to handle, this time around be given serious consideration. This will greatly enhance the ability of the company to be more profitable and be able to pay dividends to shareholder”. END