Govt will make public Enterprises functional and responsive for national development – Minister
The Minister for Public Enterprises, Joseph Cudjoe has assured the media that government will continue to enhance corporate governance structures to make Specified Entities functional and respond to national development.
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To achieve this, he hinted that 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 [Aug 15, 2024].
‘’The laws governing public enterprises, and their performance requires that, they do report so that they can be oversighted well, reporting is done to parliament and to SIGA and reporting indirectly to myself for onward presentation to parliament,’’ he stated.
Mr Cudjoe reiterated that the government has implemented various initiatives, including the establishment of the State Interests and Governance Authority (SIGA) and the development of a State Ownership Policy (SOP) framework.
“The State Ownership Policy (SOP) framework was introduced to provide guidance to Specified Entities.
Since SIGA’s establishment, we have seen the Public Enterprises signing performance contract 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 is being funded by the World Bank and the government of Ghana.
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Emphasizing the importance of good corporate governance practices, transparency, accountability, and profitability in SEs, he said 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 real contribution to the development of the nation.