President Nana Addo Dankwa Akufo-Addo on January 21, 2021, submitted the list of proposed Ministers of his new government to the Speaker of Parliament for approval.
Among the new nominees is Joseph Cudjoe, a former Deputy Minister of Energy, who has been put forward as Minister for Public Enterprises, and is expected to oversee the restructuring of state-owned enterprises with the objective of increasing their productivity and profitability.
The Finance Minister, Ken Ofori-Atta, back in November last year disclosed that as many as 19 SEOs were projected to post losses of up to GH¢1.6 billion for 2020.
Speaking to Citi Business News on the way forward with SOE’s in the country, Economist, Professor Peter Quartey welcomed the appointment but tasked the new minister to develop targets for the SOEs that are directly linked to their profitability.
“State-Owned Enterprises (SOE) are supposed to be profitable but some have become a drain on the government and therefore there’s a need to restructure. They should also be given targets and monitored to ensure that they achieve their targets.”
He also asked that the new minister prioritizes decreasing the SOE dependence on government by prioritizing the sustainability of SOE.
“In as much as they will be given space to operate, they should be held accountable to whatever they do to ensure that they achieve their targets and that they make those institutions profitable. Otherwise, they will continue to draw salaries, continue to depend on government for budgetary support, and yet they do not provide the needed revenue that will help enhance development” Professor Quartey said.
