Timely publication of reports on state properties, essential to the economy – Dr Bawumia
Launch of the classification table of public companies
Sanctions to be applied to state entities that flout regulations – Bawumia
PELT to promote innovation in the management of public enterprises – Joseph Cudjoe
The Vice President, Dr. Mahamudu Bawumia, highlighted the importance and role of state entities in the development of the Ghanaian economy.
He said that although the success of the state entities has not been encouraging over the years, the Akufo-Addo administration has seen some improvements since 2017 with the measures put in place which are beginning to show results.
Speaking at the first night of the Public Enterprises League Awards in Accra on June 30, the Vice President said recent interest in specific entities was due to the transparency and facts surrounding those relevant agencies.
He, however, pointed to the timely publication of state property reports, which has improved over the years.
“We had entities that had not presented audited accounts for a long period. However, while saying this, I would like to admit that there are still several non-compliant entities when it comes to financial reporting. »
“I would also like to state that with regard to timely financial reporting, the honeymoon is long over and severe penalties will follow from now on for those who fail to meet the required deadlines as specified in the law. The state must generate beneficial economic and social outcomes from its investments in these entities and efforts to improve reporting,” Dr. Bawumia said.
He further called for the adoption of digital technology to make reporting much easier and transparent in the future.
He said the Public Enterprises League Table (PELT) innovation support will provide a pathway to recognize high performing boards, CEOs and their leadership.
“I want the Public Enterprises League Table to be the gold standard for recognizing specified entities whose responsiveness and performance would be visible to all.”
Public Enterprises Minister Joseph Cudjoe, who is also the main mastermind behind the awards, noted in his address that it is part of measures to address an old age problem in public enterprises.
These companies, he explained, have been hit by high indebtedness, losses, non-executions and collapses of state entities dating back to independence.
The minister said that the deployment of various policy decisions has so far resulted in the restructuring of state entities focusing on the growth of industrial and institutional enterprises to create an expansion of the economy for job creation.
“The President’s vision to solve the problems of state-owned enterprises is what led to the creation of SIGA to represent the interests of government and monitor state-owned enterprises to achieve the results we want.”
“Currently, we are strengthening the current performance contract management regime, which until now has been routine. We are also developing the State Ownership Policy, a document that will allow us to deploy strategies for investment portfolio management to ensure that each of the entities delivers the results we all want,” he added.
The PELT is intended to promote innovation in the management of public enterprises.
The league table should trigger derivative motivation from boards and CEOs looking to solve public company problems – high debt, losses, inefficiencies, low innovation, lack of research and development.