Professor Michael Kpessa-Whyte, Acting Director-General of the State Interests and Governance Authority (SIGA), has emphasized the need for State-Owned Enterprises (SOEs) to achieve the dual objectives of quality service and profit-making. Apexnewsgh reports
This call to action follows a meeting with Finance Minister Dr. Cassiel Ato Forson to discuss SIGA’s strategy to enhance efficiency in the operations of Ghana’s State Entities (SE).
Prof. Kpessa-Whyte took to social media to reiterate the importance of balancing quality service and profit-making, stating that SOEs must aim to achieve these dual objectives. To achieve this goal, SIGA has engaged with officials from the World Bank in Accra, exploring ways to make SOEs more effective and profitable.
This initiative is part of President John Dramani Mahama’s efforts to reform Ghana’s SOEs. Prof. Kpessa-Whyte noted that the meeting with the World Bank was a fruitful step towards honoring the President’s promise to reform the sector.
Ghana’s SOEs play a significant role in the country’s economy, accounting for a substantial portion of public expenditure and employment. However, their performance has been varied, with some enterprises exceling while others struggle with inefficiencies and corruption.
To address these challenges, SIGA is drawing inspiration from successful international models, such as Saudi Aramco’s efficient resource management and Norway’s Statoil. By adopting best practices and promoting transparency and accountability, Ghana’s SOEs can improve their performance and contribute to the country’s economic growth.
