Leverage assets to make SOEs profitable …Public Entreprises Minister to CEOs

The Minister of Public Enterprises, Mr Joseph Cudjoe, has tasked managers of State Owned Enterprises (SOEs) to leverage their assets to make their operations profitable.

According to him, SoEs must move away from the mindset of dependence on central government and diversify their operations to ensure sustainability.

“The new mindset we are championing is the one that ensures that SOEs run on their own strength, make profit and pay dividends to the government to be able to focus on its core mandate of providing good roads, hospitals and schools for all,” he said.

Mr Cudjoe made the call when his Ministry took its turn at the bi-weekly Minister’s Briefing organised by the Ministry of Information in Accra yesterday.

He explained that even though some of SOEs required assistance, each of them would be looked at on ‘case by case’ basis.

He explained that SOEs played a crucial role in our economy, and by virtue of the impact of their operations, were instrumental in the management of public finances and the attainment of public policy goals.

Mr Cudjoe noted that SOEs could be found in all the key sectors of the economy including area such as finance, insurance, energy, infrastructure, transportation.

In the area of finances, he said SOEs recorded a total net profit of GH¢12,087.75 million in the financial year 2020.

“Total Assets of GH¢417, 748,27 million in FY2020.

Per the 2020 SOR, the SEs employed 76,949 people representing 24.90 % of Public Sector Employment (309,000),” he said.

Mr Cudjoe  said there were a total of State Entities comprising 177 SEs and  51 State-owned Enterprises (SOEs) which were wholly-owned or controlled by GoG, stressing that there 44 Joint Venture Companies (JVCs) in which Government owns majority minority stakes. 82 Other State Entities (OSEs) performing regulatory and other public policy functions.”

BY CLIFF EKUFUL