A comprehensive evaluation of 16 key State Enterprises (SEs) is currently underway as part of the Personal Financial Management (PFM) for Service Delivery Programme, funded by the World Bank and the Government of Ghana.
The evaluation aims to assess the performance of these enterprises and develop recommendations that can significantly boost their profitability and overall contribution to the national economy.
The SEs under evaluation include the Ghana Cocoa Board, Ghana Airports Company Limited, Precious Minerals Marketing Company, Metro Mass Transit Limited, Ghana National Petroleum Corporation, Ghana Water Company Limited, Ghana National Gas Company Limited, Electricity Company of Ghana and Tema Oil Refinery.
At a press briefing on Thursday in Accra, the Minister for Public Enterprises, Mr Joseph Cudjoe, said, "These 16 enterprises were selected because of their significant size and potential to contribute to the economy. The objective is to turn them around and fully explore their potential."
He noted that a meeting with the Boards and CEOs of the selected enterprises took place on June 4, 2024, and consultancy firms are currently being selected to carry out the evaluations.
He further explained that the evaluation would be thorough, addressing all existing issues and identifying areas requiring further capitalisation to transform these entities into more efficient enterprises.
According to the Minister, he conducted periodic visits to specified entities, to enhance the performance of state-owned enterprises. These visits, he said, are part of efforts to promote profitability, effectiveness and efficiency, in alignment with the government's vision for the sector.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"The Ministry has engaged with the management of 49 entities to identify and address challenges hindering their progress. These visits have led to ministerial interventions that resolved key issues for several entities," he added.
On Public Enterprises League Table and Awards (PELT), Mr. Cudjoe noted that it fostered competition for strong Corporate Governance practices.
He added, "There is evidence of more entities embracing good corporate governance practices due to their participation in PELT."
However, the minister expressed concern that 60 state entities, including the Accra Digital Centre, AirtelTigo Ghana Ltd, Ghana Development Bank, Ghana Exim Bank, Ghana Reinsurance Company, Kumasi City Market and Ghana Tourism Development Company Ltd, did not sign performance contracts.
He urged the media to focus on these enterprises that have not signed performance contracts rather than solely on those ranked low on performance tables.
He assured that specified entities would continue to play a significant role in the economy, highlighting the existing opportunities for them to contribute meaningfully to the nation's development.
