Effective public enterprises will safeguard taxpayer investments, says Joseph Cudjoe

Joseph Cudjoe, the Minister for Public Enterprises, has stated that President Akufo-Addo’s priority is to ensure that public enterprises not only contribute to national development but are also managed effectively to safeguard taxpayer investments.

Speaking at the Minister’s Briefing at the Information Ministry on Thursday (15 August) the minister noted that historically, Ghana has faced challenges in industrialisation, with many state enterprises failing due to a lack of proper governance and accountability mechanisms.

Recognising this, President Akufo-Addo made it a priority to ensure that public enterprises are managed effectively to safeguard taxpayer investments.

According to the minister, one of the key initiatives of the ministry is the introduction of the State Ownership Policy- a landmark document that consolidates the management of the state’s ownership portfolio.

“This policy provides clear guidelines for the boards of directors, management teams, and staff of public enterprises on how to manage state assets responsibly. It addresses the critical need for these enterprises to report to various oversight bodies, including Parliament, the State Interests and Governance Authority (SIGA), and the Ministry of Finance, ensuring that they operate with transparency and accountability,” Cudjoe explained.

The minister further disclosed that the President has also highlighted the development of the Code of Corporate Governance for Specified Entities and Public Service Organisations.

 “This code, created collaboratively by SIGA, the Ministry of Finance’s Public Investment and Asset Division, and the Public Services Commission, sets out standards for the governance of both commercial and non-commercial state entities. It delineates responsibilities and eliminates overlaps in mandates between different oversight bodies, thereby streamlining the governance of public enterprises.”

 The minister indicated that the impact of these reforms is already visible, adding, “ Prior to President Akufo-Addo’s administration, only six out of 175 public enterprises signed performance contracts in 2016, and merely two had audited accounts. Under the new governance framework, there has been a marked improvement in compliance, with a significant increase in the number of performance contracts signed and audited accounts prepared.”

 Cudjoe added that these reforms are a testament to the president’s vision of rectifying the failures of the past and ensuring that Ghana’s public enterprises are managed with the highest standards of accountability and efficiency.

“As the State Ownership Policy and Corporate Governance Code come into full effect, they are expected to play a crucial role in driving the success of Ghana’s industrialisation efforts and the prudent management of public resources,” he concluded.

Reporting by Emmanuel Quaicoe in Accra  

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