Joseph Cudjoe
Government has outlined a series of new initiatives designed to address key challenges and improve operational efficiencies and enhance the performance of State Owned Enterprises (SOEs).
Minister for Public Enterprises, Joseph Cudjoe, who announced this at the Ministry of Information’s ‘Meet the Press’ briefing yesterday, said it marks a significant step in government’s ongoing effort to reform and optimise SOEs to better serve the public and contribute to national development.
“State Enterprises play a crucial role in our economy, and it is imperative that we ensure they operate at their maximum potential, our new initiatives are designed to address the systemic issues that have hindered their performance and to foster a culture of accountability, efficiency, and innovation,” he stated.
He said one of the key components of the new strategy is the implementation of rigorous performance assessments as the government plans to conduct detailed evaluation of State Owned Enterprises to identify areas of inefficiency, to set clear performance benchmarks.
He mentioned that the assessments would be complemented by the development of customised improvement plans tailored to the specific needs of each enterprise.
“The performance reviews will be conducted in collaboration with independent consultants to ensure objectivity and thoroughness, we want to have a clear understanding of each SOEs’ strengths and weaknesses so that we can develop targeted interventions,” he added.
The minister further explained that the government was also prioritising capacity building for State Owned Enterprises’ management teams.
That, he said, would involve specialised training programmes aimed at equipping leaders with the skills and knowledge needed to drive organisational change, and enhance operational effectiveness, while emphasising the importance of strong leadership in achieving the desired outcomes.
He indicated that a significant aspect of the new initiatives is the adoption of modern management practices.
According to the minister, the government is also advocating for the use of technology and data-driven approaches to streamline operations and improve decision-making processes within SOEs.
He said that include the implementation of digital tools for better financial management and performance tracking.
The minister also highlighted the government’s commitment to fostering a culture of accountability within SOEs which involves the establishment of clear performance targets to ensure that there were mechanisms in place to hold management accountable.
“Our goal is to create a culture where performance is measured, results are achieved, and accountability is upheld, we believe that these measures will not only improve the performance of our SOEs but also restore public confidence in their ability to deliver essential services,” he asserted.
The minister also expressed optimism about the potential outcomes and reiterated the government’s commitment to supporting SOEs in their journey towards greater effectiveness.
By Ebenezer K. Amponsah