Min of Public Enterprise, SIGA to improve performance of SOEs

Mr Stephen Asamoah-Boateng, Director-General of SIGA (left), Ms Hollister Duah Yentumi, General Manager, Operations at SIGA (2nd left), Mr Joseph Cudjoe, Minister of Public Enterprises (2nd right) and Mr Andrews Frimpong, General Manager Admin& Finance at SIGA at the media engagement The Minister of Public Enterprises, Mr Joseph Cudjoe, has said his outfit was collaboration with the State Interest and Governance Authority (SIGA), to improve performance of State-Owned Enterprises (SOEs) in the country.

SOEs, characterised by underperformance, have become a drain on government’s budget, hence the need to change the narrative around them.

“They were always asking for capital when the state had invested a lot of asset in them and instead of using them to create results, they were just running down these enterprises.
“The net effect being lack of growth of the SOEs to create jobs and opportunities for the teeming youth. They were just running down these SOEs ,” he said during a media engagement in Accra on Wednesday, June 2, 2021.

Read: SIGA clarifies dissolution of boards

Corporate governance

Consequently, he said the two seek to block the gaps in good corporate governance which bothered on accountability, transparency and responsibility.

“When it comes to managing SOEs , it is about taking decisions in the interest of the organisation and the country. Board of directors give direction to management team to perform to expectation.

“When we get boards’ interest aligned with the state interest, and management teams’ interest aligned with the board interest, then we are sure that we are going to see the kind of results good we expect. That is now the gap SIGA is doing everything in its power and mandate to address,” he said.

Mr Cudjoe said the State Register of Certified Entities had about 175 SOEs, joint venture companies and other stated entities, out of which 52 are corporate and has 55 per cent of government shares, 46 joint venture companies and 77 other state entities.

“This is a big chunk of investment by government and you can imagine if these entities are operating profitably and efficiently what it would mean for Ghana.
“Before current government took over, they were all making huge loses but following the kind appointment of MDs and measures put in place over the few years, we have seen will of us have seen results emanating from them,” he said.Read: Plans to get SOEs listed on stock exchange underway Engagement […]

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