The Public Enterprises Minister, Joseph Cudjoe, has reassured the media that government is committed to enhancing corporate governance structures to ensure that Specified Entities (SEs) are fully functional and contribute effectively to national development.
Speaking at the Minister’s Press Briefing in Accra today, he revealed that government has developed and is actively implementing the State Ownership Policy (SOP) framework to reinforce corporate governance within SEs in Ghana.
“The laws governing public enterprises and their performance require that they report regularly to ensure effective oversight. Reporting is done to Parliament, to SIGA, and indirectly to myself for onward presentation to Parliament,” the Minister stated.
He reiterated that the government has introduced several initiatives, including the establishment of the State Interests and Governance Authority (SIGA) and the development of the SOP framework.
“The State Ownership Policy framework was introduced to guide Specified Entities. Since SIGA’s establishment, public enterprises have been signing performance contracts, enabling SIGA to monitor their financial and operational performance effectively,” he noted.
Mr Cudjoe also highlighted the development of a code of corporate governance and the comprehensive evaluation of 16 SEs under the Public Financial Management (PFM) for Service Delivery Programme, funded by the World Bank and the Government of Ghana.
Emphasizing the importance of good corporate governance practices, transparency, accountability, and profitability in SEs, the Minister affirmed the government’s determination to enhance the performance and reporting standards of public enterprises.
He concluded by emphasizing the significant role that Specified Entities play in the economy, noting that there are ample opportunities for them to make substantial contributions to the nation’s development.