In a bid to optimize the performance of state-owned enterprises (SOEs), the Minister for Public Enterprises, Joseph Cudjoe, has announced that 16 key enterprises are undergoing a comprehensive evaluation as part of the Public Financial Management (PFM) for Service Delivery programme. This initiative is jointly funded by the government and the World Bank, aiming to enhance domestic revenue mobilization, improve expenditure and debt management, and boost the efficient delivery of public services.
Among the entities being evaluated are the Ghana Cocoa Board, Ghana Airport Company Limited, Precious Minerals Marketing Company, Metro Mass Transit Limited, Ghana National Petroleum Corporation, and Ghana Water Company Limited. Additional enterprises such as Ghana National Gas Company, Electricity Company of Ghana, Tema Oil Refinery, Bui Power Authority, and the National Housing Company are also part of this evaluation process.
Minister Cudjoe emphasized that the comprehensive evaluation is a critical step toward transforming and modernizing the state-owned sector, ensuring these enterprises contribute effectively to national development. Speaking at the “Meet the Press” series organized by the Ministry of Information on August 15, 2024, he noted that the recommendations from the evaluations will be used to improve the efficiency and profitability of these enterprises, ultimately benefiting the economy.
He further explained that the list of selected entities was presented to the cabinet on May 8, 2024, and meetings with the boards and CEOs of the chosen companies were scheduled for June 4, 2024. Additionally, consulting firms are being selected to lead the evaluation process.
During the press conference, Mr. Cudjoe also highlighted significant achievements by his ministry over the past three years. Notably, the number of SOEs signing performance contracts has risen from just six in 2016 to 72 out of 175 entities by 2024. Audits of state-owned enterprises have also seen substantial progress, with 55 entities audited in 2023 compared to only two in 2016.
These efforts underscore the government’s commitment to strengthening governance, transparency, and efficiency within the state-owned sector, ultimately driving national development.
