In accordance with the duty of the State Interests and Governance Authority (SIGA), officials of the Authority met with GRIDCo’s Management to evaluate the Company’s 2024 Performance to ensure compliance with its Performance Contract. Among the many items discussed were the key performance indicators, targets and the actual performance. The performance indicators are; Management Improvement/Projects; Risk and Compliance.
GRIDCo recorded an ‘Excellent score’ for most of its performance indicators, with a few of the indicators attracting a score of ‘Good’. The Company missed a couple of targets during the period under review. Management explained to SIGA that the causes of not achieving those targets were strictly out of GRIDCo’s control.
During the meeting, members discussed the level of achievement of the 2024 Corporate Strategic Objectives adopted within the planned period to drive actions and decisions towards achieving corporate goals and mandate. These are to; Improve Financial Performance; Increase Customer Satisfaction; Improve Stakeholder Engagement; Improve Employee Competence & Work Environment and Increase use of Technology.
Every year, all State-Owned Enterprises (SOEs), including GRIDCo, sign a Performance Contract with SIGA. The Contract remains in force for a period of one (1) year, running from 1st January to 31st December. The SOEs are expected to comply with the contract guidelines and periodic reporting format, which are determined by SIGA. SIGA on its part employs appropriate assessment tools to make comparable analysis of the performance for the dissemination to stakeholders.
The performance Contract has applicable incentives and sanctions. Companies that achieve their targets set for the year are paid incentives. On the other hand, appropriate disciplinary actions are applied to non-achieved agreed targets.
The team of officials from SIGA comprised Dr. Kwame Agyemang-Budu, James Korsah-Brour, Isaac Cudjoe, Collins Assuma and Charles Amoako Atta.
