In a bid to transform Ghana’s State-Owned Enterprises (SOEs) into effective and profitable entities, Professor Michael Kpessa-Whyte, Acting Director-General of the State Interests and Governance Authority (SIGA), engaged with World Bank officials in Accra on Tuesday, February 25. Apexnewsgh reports
This move is part of President John Dramani Mahama’s efforts to reform Ghana’s SOEs.
According to Prof. Kpessa-Whyte, the meeting with the World Bank aimed to enhance the efficiency and profitability of SOEs. He noted that SIGA’s collaboration with the World Bank is a crucial step towards honoring President Mahama’s promise to reform Ghana’s SOEs.
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. A few SOEs, such as the Ghana National Petroleum Corporation (GNPC), have excelled by strategically capitalizing on Ghana’s natural resources, contributing to GDP growth, and attracting foreign investment.
The GNPC’s success can be attributed to its efficient governance and investment in technology, drawing parallels with international models like Saudi Aramco and Norway’s Statoil. This demonstrates the potential for Ghana’s SOEs to thrive with the right reforms and support.
With the World Bank’s expertise and SIGA’s oversight, Ghana’s SOEs are poised for transformation, which will have a positive impact on the country’s economy and employment landscape.
Source: Apexnewsgh.com
