The Minister of Public Enterprises, Joseph Cudjoe has underscored the critical role of the State ownership Policy and code of Corporate Governance and oversight of the State Interest and Governance Authority (SIGA) in enhancing the transparency and accountability of State-Owned Enterprises (SOEs) in Ghana.
Addressing the media in Accra on Thursday, he lauded the President's decision to establish the SIGA as a transformative step, enabling effective oversight of SOEs and ensuring that these enterprises are better positioned to contribute to the national economy.
Minister Cudjoe drew comparisons between the current administration and the previous government, which governed for eight years but had only 6 SOEs reporting.
He emphasized that the creation of the SIGA and his appointment as the Minister for Public Enterprises were pivotal in rectifying this situation.
SIGA is however, being over sighted by the Minister for Public Enterprise
"This highlights the essence of establishing the SIGA," he stated, noting that it ensures proper accountability for investments made in private and individual enterprises.
The Minister explained that one of the SIGA's significant achievements is the improvement in the reporting process of SOEs.
He pointed out that this improvement is not merely about an increase in the number of reports but also a qualitative enhancement where losses reported by SOEs are gradually declining.
"Improvement in this sense doesn't mean increasing," Minister Cudjoe clarified. "But improvement means decreasing losses, turning loss-making entities into profitable ventures."
Minister Cudjoe highlighted a forward-looking approach in the public enterprise space, emphasizing the ongoing efforts to turn around struggling SOEs.
He noted that companies with significant losses but substantial potential are being closely monitored by the Ministry of Finance, SIGA, and his secretariat.
A comprehensive program under the world bank, termed the "PFM for Service Delivery," has been initiated to study these enterprises, identify their challenges, and provide the necessary capitalization to transform them into profitable or more efficient entities.
Among the enterprises under this initiative are Ghana Airports Company, GNPC, Metro Mass Transport, and the Ghana Gas Company.
These entities, Minister Cudjoe noted, have vast potential to contribute significantly to the economy.
He mentioned that a comprehensive study is underway to address the problems faced by these companies, ensuring they can fully realize their potential.
The Minister concluded by reiterating the government's commitment to transparency, efficiency, and economic growth.
"We are not only focused on the present but are looking ahead to a future where our SOEs are not just surviving but thriving, contributing robustly to the national economy," he affirmed.
Through these measures, Minister Joseph Cudjoe is confident that the efforts being made today will yield substantial dividends for Ghana's economy in the years to come.
Story by: Joshua Kwabena Smith
Commenti