The Minister for Public Enterprises, Joseph Cudjoe, has underscored the importance of having a well-defined state ownership policy that clearly distinguishes the state’s interest from state-owned enterprises.
He emphasized the need for a comprehensive code of corporate governance to ensure accountability, transparency, and ethical conduct within these entities.
During the launch of two critical policies that will impact the governance and management of public enterprises, Minister Cudjoe highlighted the significance of the ‘State Ownership Policy for Specified Entities’ and the ‘Code of Corporate Governance for Specified Entities and Public Sector Organisations’.
These policies are expected to outline the government’s expectations for its ownership portfolio and provide the necessary principles for managing and governing state interests in specified entities.
Speaking at the Policy and Governance Forum under the theme ‘Maximizing Benefits from State Ownership through Effective Corporate Governance’, Minister Cudjoe expressed optimism that these policies will enhance performance, promote transparency, ensure accountability, and uphold ethical conduct within Specified Entities. He believes that this will ultimately lead to improved operational effectiveness and contribute to the nation’s economic growth and prosperity.
The launch of these policies marks significant milestones for the Public Enterprises Ministry, as it has been able to provide audited financial reports to the Parliamentary Select Committee responsible for State Enterprises. This move has enhanced parliamentary oversight of Specified Entities and facilitated better management of public enterprises.
Minister Cudjoe also highlighted the transformation in the management of public enterprises under the Nana Addo government, surpassing previous limitations in financial reporting and audit compliance. The consolidation of the State Enterprises Commission and the Divestiture Implementation Committee into SIGA has shifted the focus towards enhancing the performance and profitability of public enterprises for national development.
In conclusion, Minister Cudjoe expressed confidence in the effective management of state enterprises, citing the availability of tools such as the State Ownership Report and public discourse avenues as integral components of the comprehensive framework for steering public enterprises towards greater success and collective progress.
