Performance of state agencies not encouraging, Joseph Cudjoe
State enterprises encouraged to pay dividends to government
Minister for Public Enterprises, Joseph Cudjoe has tasked members of the newly constituted board of the State Interest and Governance Authority (SIGA) to ensure state enterprises become profitable and pay dividends to government.
According to the Minister, the performances of State Entities over the years has not been one to be shared with pride.
“It was expected that State Entities would conduct their businesses in a manner that would ensure profitability and hence pay dividends to the state to support national development efforts” the minister remarked.
Joseph Cudjoe made these statements after inaugurating Board members to steer the affairs of the State Interest and Governance Authority on Monday, in Accra.
Members of the board include, Terrence Darko who is the board chair, Edward Boateng, Director-General of SIGA, Ms. Yasmin Baba and Franklin Asafo-Adjaye.
The rest are, Kow Essuman, Dr. Margaret Atuahene, Elikem Nutifafa Kuenyehia, and David Collison.
The Minister further reiterated that State Entities continue to remain an important feature of government intervention for societal and public value creation and thus are an influential force for advancing government policies and programs.
In the area of job creation, the Minister pointed out that his office has been encouraged by some State Entities increasing their staff numbers in the last five years yet remain profitable.
“Therefore, motivations for creating state enterprises range from a number of reasons, including growth of strategic sectors and boosting the national economy,” Joseph Cudjoe observed.
He lamented how some government entities had performed below expectations over the years.
The Minister further charged State Entities to leverage on technology and innovation to drive development and new thinking in an era of digitalisation.
“Leadership of state enterprises must therefore be strategic, efficient and effective in using technology and innovation to drive profitability by looking at external markets,” the minister counseled.
In response, Chairman for the SIGA board, Terrance Darko, assured the Minister of the board’s readiness to work with him, adding that, the board is made up of people with diverse background who are dependable for the task ahead.
He also expressed appreciation to former Director General of SIGA, Stephen Asamoah Boateng, for his energy and hard work, adding that the board has confidence in the arrival of Mr. Edward Boateng whose international, public, private sector and diplomatic experience will take SIGA to the next desired level.
Mr. Darko again stressed the need for the authority to make sure that entities followed appropriate corporate governance procedures and complied with relevant laws.
“It is our responsibility to ensure that productivity and economic growth in our state enterprises improve significantly as our state enterprises are expected to contribute almost a third of our GDP,” he said.
Mr. Darko added that SIGA would be a change agent to ensure that the objectives of state entities and the President’s vision of a prosperous, inclusive, sustainable, empowered, and resilient Ghana Beyond Aid agenda, was achieved.
Minister for Public Enterprises, Joseph Cudjoe inaugurating SIGA board members