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General News of Thursday, 15 August 2024

Source: MOI (PR unit)

Government will make public enterprises functional and responsive for national development – Public enterprises minister assures

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Minister for Public Enterprises, Joseph Cudjoe Minister for Public Enterprises, Joseph Cudjoe

The Minister for Public Enterprises, Joseph Cudjoe, has assured the media that the government will continue to enhance corporate governance structures to make Specified Entities (SEs) functional and responsive to national development.

To achieve this, he hinted that the government has developed and is implementing the State Ownership Policy (SOP) framework to strengthen corporate governance within specified entities in Ghana. The Minister made these assertions at the Ministers’ Press Briefing in Accra, on Thursday, August 15, 2024.

"The laws governing public enterprises and their performance require that they do report so that they can be overseen well. Reporting is done to Parliament and SIGA and indirectly to myself for onward presentation to Parliament," he stated.

Cudjoe reiterated that the government has implemented various initiatives, including establishing the State Interests and Governance Authority (SIGA) and developing a State Ownership Policy (SOP) framework.

“The State Ownership Policy (SOP) framework was introduced to provide guidance to Specified Entities (SEs). Since SIGA’s establishment, we have seen the Public Enterprises signing performance contracts, and that has enabled SIGA to monitor their financial and operating performance," he noted.

The Public Enterprises Minister also cited the development of a code of corporate governance and a comprehensive evaluation of 16 SEs under the Public Financial Management (PFM) for Service Delivery Programme, which the World Bank and the Government of Ghana are funding.

Emphasizing the importance of good corporate governance practices, transparency, accountability, and profitability in SEs, he said the government was resolved to enhance performance and reporting for public enterprises.

The Minister reiterated that Specified Entities would continue to play a significant role in the economy and opportunities exist for them to make a real contribution to the development of the nation.