The government has introduced a series of new initiatives aimed at tackling key challenges, improving operational efficiencies, and enhancing the performance of State-Owned Enterprises (SOEs).
Announced by the Minister for Public Enterprises, Hon. Joseph Cudjoe, during the Minister’s Press Briefing on Friday, August 16, these initiatives represent a major step in the government’s ongoing efforts to reform and optimize SEs.
The goal is to ensure these enterprises better serve the public and contribute more effectively to national development.
“State Enterprises play a crucial role in our economy, and we must 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.
A key element of the new strategy is the introduction of rigorous performance assessments.
The government plans to conduct detailed evaluations of SEs to identify inefficiencies and establish clear performance benchmarks.
These assessments will be paired with the development of customized improvement plans tailored to the specific needs of each enterprise.
Hon. Cudjoe explained that the performance reviews will be conducted in collaboration with independent consultants to ensure objectivity and thoroughness.
The strengths and weaknesses of each SOE, he said, must be clear so that targeted interventions can be formulated.
The Government is prioritizing capacity building for SE management teams in addition to the performance reviews, which would involve specialized training programmes aimed at equipping leaders with the skills and knowledge needed to drive organizational change and enhance operational effectiveness.
The Minister emphasized the importance of strong leadership in achieving the desired outcomes.
Another significant aspect of the new initiatives is the adoption of modern management practices and the Government is advocating for the use of technology and data-driven approaches to streamline operations and improve decision-making processes within SEs.
This includes the implementation of digital tools for better financial management and performance tracking.
The Minister also stressed the Government’s commitment to fostering a culture of accountability within SEs, which involves the establishment of clear performance targets and ensuring that there are mechanisms in place to hold management accountable.
He said, “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 expressed optimism about the potential outcomes and reiterated the Government’s commitment to supporting SOEs in their journey towards greater effectiveness.