Gov’t rolls out new initiatives to enhance performance of SOEs

The government has outlined a series of new initiatives designed to address key challenges, improve operational efficiencies, and enhance the performance of State Enterprises (SEs).

The announcement, made by the Minister for Public Enterprises, Joseph Cudjoe, at the ministers' press briefing on Thursday, August 15, 2024, marks a significant step in the hovernment's ongoing effort to reform and optimize SEs to better serve the public and contribute to national development.

"State Enterprises play a crucial role in our economy, and it is imperative that we ensure they operate at their maximum potential. Our new initiatives are designed to address the systemic issues that have hindered their performance and to foster a culture of accountability, efficiency, and innovation," the Minister stated.

One of the key components of the new strategy is the implementation of rigorous performance assessments. The Government plans to conduct detailed evaluations of SEs to identify areas of inefficiency and to set clear performance benchmarks. These assessments would be complemented by the development of customized improvement plans tailored to the specific needs of each enterprise.

"The performance reviews will be conducted in collaboration with independent consultants to ensure objectivity and thoroughness. We want to have a clear understanding of each SOE's strengths and weaknesses so that we can develop targeted interventions," Hon. Cudjoe explained.

In addition to performance reviews, the Government is prioritizing capacity building for SE management teams.

This would involve specialized training programmes aimed at equipping leaders with the skills and knowledge needed to drive organizational change and enhance operational effectiveness.

The minister emphasized the importance of strong leadership in achieving the desired outcomes.

Another significant aspect of the new initiatives is the adoption of modern management practices.

The government is advocating for the use of technology and data-driven approaches to streamline operations and improve decision-making processes within SEs.

This includes the implementation of digital tools for better financial management and performance tracking.

The Minister also highlighted the Government's commitment to fostering a culture of accountability within SEs, which involves the establishment of clear performance targets and ensuring that there are mechanisms in place to hold management accountable.

"Our goal is to create a culture where performance is measured, results are achieved, and accountability is upheld. We believe that these measures will not only improve the performance of our SOEs but also restore public confidence in their ability to deliver essential services," the Minister said.

The Minister expressed optimism about the potential outcomes and reiterated the Government's commitment to supporting SOEs in their journey towards greater effectiveness.

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