The Ghana Maritime Authority (GMA) was honored with the prestigious “Most Financially Stable Other Specified Entity (OSE)” Award at the 2023 Public Enterprise League Table (PELT) Awards. The event was held in September 2024 at the Rock City Hotel at Kwahu in the Eastern Region. Mr. Yaw Akosa Antwi, Deputy Director-General (Finance and Administration) received the Award on behalf of the Authority.

The PELT Awards, organized by the State Interests and Governance Authority (SIGA) in collaboration with the Ministry of Finance, aims to promote healthy competition and recognize exceptional performance among State-Owned Enterprises (SOEs) and Other Specified Entities (OSEs). This year’s edition, held under the theme “5 Years of Championing Specified Entities Governance and Growth: The Challenges and the Way Forward”, brought together leaders from state-owned enterprises, regulatory bodies, and other key stakeholders to acknowledge the exceptional achievements chalked up in governance, profitability and efficiency.

The Guest of Honour for the event, President Nana Addo Dankwa Akufo-Addo commended the organisers for helping to significantly reduce financial losses in State-Owned Enterprises (SOEs) by over 40% in 2023. He, however, lamented that despite the progress made, some entities continued to operate at a loss and certain institutions resisted SIGA’s oversight stressing the importance for such issues to be addressed swiftly.

The GMA is responsible for regulating, coordinating, and monitoring activities within Ghana’s maritime sector and plays a vital role in the country’s economic landscape. The Authority ensures that maritime activities align with national and international standards, safeguarding Ghana’s territorial waters and enhancing the nation’s reputation as a safe and efficient maritime hub.

This recognition is a testament to the Authority’s commitment to sound financial management, and prudent governance practices. Receiving this award reflects GMA’s dedication to maintaining fiscal discipline, enhancing service delivery, and promoting innovation within the maritime industry, a manager said. The Authority’s consistent focus on achieving financial sustainability through efficient revenue management, cost optimization, and timely reporting has earned it the respect of industry peers and stakeholders alike, he added. These measures have not only ensured the Authority’s financial stability but have also significantly contributed to its ongoing growth and efficiency.

GMA’s leadership, under the guidance of its experienced Governing Board and management team, has played a crucial role in fostering a culture of accountability, performance excellence, and transparency. Furthermore, the Authority’s timely financial reporting and strong adherence to regulatory standards have further reinforced its credibility and trust among stakeholders. The award underscores the Authority’s pivotal role in supporting Ghana’s blue economy and its strategic importance in driving the growth of maritime trade, ensuring safety on Ghana’s territorial waters, and upholding international maritime regulations.

As GMA celebrates this milestone, the Authority is poised to continue ensuring the sustainability and development of Ghana’s maritime space. This award reflects GMA’s dedication to advancing Ghana’s maritime industry while contributing to national development. By maintaining its financial stability and upholding best practices in corporate governance, the GMA is well-positioned to continue driving innovation and excellence in the maritime industry for years to come.