The Minister for Public Enterprises, Joseph Cudjoe, says his ministry has achieved a very high level of transparency and accountability.
This, he added, was chalked through audited financial and operating performance reporting of the various public enterprises.
The Minister, Joseph Cudjoe, outlined some of the success stories of public enterprise management that his ministry champions at the opening of the Annual Policy and Governance Forum 2024, held at the Kempinski Hotel in Accra, on Tuesday, April 23, 2024.
“Mr. President, under your leadership, we are very close to achieving effective management of public enterprises. We have so far achieved a very high level of transparency and accountability through audited financial and operating performance reporting of our public enterprises,” he noted.
AUDITED REPORTS
According to the Minister, Joseph Cudjoe, who is the Member of Parliament for Effia Constituency, the Public Enterprises Ministry has also been able to provide the necessary audited financial reports to the Parliamentary Select Committee.
That Committee of Parliament is responsible for oversight of state enterprises, thus, the audited financial reports enhance the oversight responsibility of the specified entities.
According to the Minister, hitherto, the committee was unable to fully discharge its function as audited financial statements were unavailable for their perusal.
He remarked that, prior to President Akufo-Addo assuming power, the financial reports accessible to officials were limited to approximately six out of the 175 entities listed on the SIGA register.
“Presently, we have surpassed hundred entities in terms of reporting, account preparation and audit compliance, leading to heightened parliamentary oversight of the Specified Entities. This accomplishment is attributed to your leadership, Mr. President,” the Minister added.
POLICIES LAUNCH
The Ministry of Public Enterprises adds to its list of achievements, the launch of two policies, which the minister explained were of critical importance to the governance and management of the portfolio of public enterprises.
The policies that were launched last Tuesday at the forum, organised by the Ministry of Public Enterprises, are the State Ownership Policy for Specified Entities and the Code of Corporate Governance for Specified Entities and Public Sector Organisations.
While addressing the gathering, which comprised the President, Nana Addo Dankwa Akufo-Addo, Board chairs, Chief Executive Officers, Director Generals and other heads of specified entities, the Minister asserted that these two policies clearly define the government’s expectations in relation to its ownership portfolio. ’
He said the two policies provide the guiding principles and framework underpinning the management and governance of the state’s interests in specified entities.
“It is important that we have a well-defined state ownership policy that delineates the state’s interests, the roles by the players in the space, responsibilities and objectives in relation to our Specified Entities and establish a comprehensive code of corporate governance that will provide the necessary framework for accountability, transparency and ethical conduct within these entities.
“These documents we are launching today will establish the necessary structures and provide the direction required to elevate performance, promote transparency, ensure accountability and instill ethical conduct that the Specified Entities require.
“Expectedly, this will result in enhanced operational effectiveness and ultimately bolster the nation’s economic growth, prosperity and advancement,” he observed.
Meanwhile, President Akufo-Addo, in his address before launching the two policies, commended the Minister for Public Enterprises, Joseph Cudjoe, for his leadership.
