Deliver State entities from inefficiencies, non-profitability - Joseph Cudjoe charges SoEs

Inefficiencies   Cudjoe Joseph Cudjoe is seen here interacting with the members of the SoEs

Wed, 30 Mar 2022 Source: Paa Kwesi Agyefi, Contributor

The Minister for Public Enterprises, Joseph Cudjoe, has charged members of boards of State Owned Enterprises (SoE) to make their entities profitable.

The minister indicated that for over 65 years, the SoE sector has been known for inefficiencies, non-profitability, hence his call.

“Your appointment as board members for the various SoEs is to deliver them from their current state OF inefficiencies, loss making and make them profitable," he stated.

According to him, the task may seem impossible because of the long-standing inefficiencies in the SoE sector but “it is doable, given the assets at the disposal of the entities.

“Most of the SoEs have assets and as board, you should direct management in a way that they will sweat the assets to make money for the entities.”

He added that the assets should be used to move revenue up and bring cost down.

Joseph Cudjoe made this known at the closing session of a Corporate Governance Training for boards of SoEs held in the Eastern Region, on Saturday, March 26, 2022.

A selected number of boards took turns to be trained for two days each from March 7-20, 2022.

Participants were taken through corporate training, legal regulatory framework, financial stewardship and accountability as well as public procurement for Specified Entities.

The minister was certain that the training had equipped the board members with enough knowledge to make decisions that will deliver certain outcomes which will benefit the country at large.

He further pointed out that their appointment by President Nana Addo Dankwa Akufo-Addo is an opportunity to serve, given that others were denied the chance and thus it is time to cut the political connectedness approach to work.

“Be committed to deliver desirable results, do not allow politics to overshadow the expectations of the President from you,” he emphasized.

The minister advised the participants not to run their boards with egos and feelings but with rationalism, expertise and skills.

Joseph Cudjoe opined that board members must be dedicated to their duties, given that it creates additional experience profile that will propel them to greater opportunities in the future.

Source: Paa Kwesi Agyefi, Contributor