16 state-owned entities undergo comprehensive evaluation for improved efficiency
In a move aimed at strengthening and optimising the performance of state-owned entities, the Minister for Public Enterprises, Joseph Cudjoe, has announced that 16 such enterprises are currently undergoing a comprehensive evaluation.
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This evaluation is part of the Public Financial Management (PFM) for Service Delivery programme, which is funded by both the government and the World Bank.
The programme seeks to enhance domestic revenue mobilisation, improve expenditure and debt management, and promote efficient delivery of public services among other interventions.
The goal, according to Mr Cudjoe is to ensure that these state-owned enterprises function effectively and contribute to the overall development of the country.
The entities undergoing evaluation include the Ghana Cocoa Board, Ghana Airport Company Limited, Precious Minerals Marketing Company, Metro Mass Transit Limited, Ghana National Petroleum Corporation, and Ghana Water Company Limited.
Additionally, the Ghana National Gas Company, Electricity Company of Ghana, Tema Oil Refinery, Bui Power Authority, National Housing Company, and other entities are also part of this evaluation process.
The Minister stressed that comprehensive evaluation is a crucial step in the ongoing efforts to transform and modernise the state-owned sector, ensuring that it plays a more effective and efficient role in driving national development.
He made this known at the meet the press series organised by the Ministry of Information in Accra on Thursday [August 15, 2024].
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Mr. Cudjoe said, "The recommendations from the evaluation will be used to improve the entities with a consequent impact on profitability, and the economy."
Throwing more light on the programme, the minister, said the list of selected entities was presented to the cabinet on May 8, 2024, and meetings with the boards and CEOs of the chosen companies are scheduled for June 4, 2024.
Additionally, he said consulting firms are being selected to undertake the evaluation process.
During the press conference, Mr. Cudjoe highlighted some of the notable achievements of his ministry over the past three years.
He pointed out that the number of state-owned enterprises signing performance contracts has significantly increased, from only six companies in 2016 to 72 out of 175 entities.
Moreover, while only two enterprises underwent audits in 2016, a remarkable 55 entities were audited in 2023, showcasing the progress made in strengthening governance and transparency within the state-owned sector.
These developments demonstrate the ongoing efforts to transform and modernise the state-owned sector, ensuring that it plays a more effective and efficient role in driving national development, he emphaised.