In its desire to deal head-on with the challenges confronting State Owned Enterprises (SOEs), the government has outlined a series of new initiatives.
These measures, aside from addressing key challenges, are to improve operational efficiencies and enhance the performance of state enterprises.
The Minister for Public Enterprises, Joseph Cudjoe, announced the initiative in Accra on Thursday, August 15, 2024 at the regular Ministers’ Press Briefing spearheaded by the Ministry of Information.
According to the Minister, the initiative marks a significant step in the 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,” the minister stated.
ASSESSMENT
The Minister indicated that the implementation of rigorous performance assessments is one of the key components of the new strategy.
He said that the government plans to conduct detailed evaluations of state enterprises to identify areas of inefficiency and to set clear performance benchmarks.
These assessments would be complemented by the development of customized improvement plans tailored to the specific needs of each enterprise, he noted.
“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 SOE’s strengths and weaknesses, so that we can develop targeted interventions,” Minister Codjoe explained.
CAPACITY
In addition to performance reviews, the minister further announced that the government is prioritizing capacity building for State Enterprises management teams.
He explained that it would involve specialized training programmes aimed at equipping leaders with the skills and knowledge needed to drive organisational change and enhance operational effectiveness. He also emphasised the importance of strong leadership in achieving the desired outcomes.
MODERN PRACTICE
While outlining the initiatives, the minister mentioned the adoption of modern management practices. He explained that the government is advocating the use of technology and data-driven approaches to streamline operations and improve decision-making processes within state enterprises. This includes 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 state enterprises, which involves the establishment of clear performance targets and ensuring that there are 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,” the Minister said.
The Minister expressed optimism about the potential outcomes and reiterated the government’s commitment to supporting SEs in their journey towards greater effectiveness.
