The Minister for Public Enterprises, Joseph Cudjoe, has reaffirmed the government’s commitment to enhancing corporate governance structures within Specified Entities (SEs) to ensure they function effectively and contribute to national development.
Speaking at the Minister’s Press Briefing in Accra on Friday, Hon. Cudjoe emphasized that the government is focused on making SEs more responsive to the needs of the country.
To achieve this, he stressed the ongoing implementation of the State Ownership Policy (SOP) framework, which is designed to strengthen corporate governance across these entities.
“The laws governing public enterprises and their performance require that they report so that they can be properly overseen. Reporting is done to Parliament, to SIGA, and indirectly to myself for onward presentation to Parliament,” Hon. Cudjoe stated.
He elaborated on the government’s efforts to enhance governance in SEs, citing the establishment of the State Interests and Governance Authority (SIGA) and the development of the SOP framework as key initiatives.
“The State Ownership Policy (SOP) framework was introduced to guide Specified Entities (SEs). Since SIGA’s establishment, we have seen Public Enterprises signing performance contracts, which has enabled SIGA to monitor their financial and operating performance,” he noted.
Hon. Cudjoe also mentioned the creation of a code of corporate governance and the comprehensive evaluation of 16 SEs under the Public Financial Management (PFM) for Service Delivery Programme, funded by the World Bank and the Government of Ghana.
These measures, he said, are part of the government’s broader strategy to ensure transparency, accountability, and profitability in public enterprises.
“Good corporate governance practices are essential. We are committed to enhancing the performance and reporting of public enterprises,” the Minister emphasized.
He reiterated the significant role that Specified Entities play in the economy, noting that there are ample opportunities for them to make a meaningful contribution to the nation’s development.