Government to roll out Ownership Manual Policy to regulate stake in SOEs – Finance Minister

Finance Minister, Ken Ofori-Atta says government will codify its strategic direction and the underlying principle on how it intends to manage ownership rise in State-owned Enterprise (SOEs).

According to Mr. Ofori Atta, government is committed to exercising its ownership rise diligently and responsibly in order to enhance the governance and performance of SOEs in the country hence the decision to develop and implement Ownership Policy Manual.

“The Ownership Policy Manual for SOEs will detailed the objective of state ownership, the roles and responsibility of the shareholder, boards and management, and how government will exercise it will as a shareholder. It will also provide for how any non-commercial objective, program, projects or transaction required by government of SOEs will be financed,” he said.

Vice President, Dr Mahamudu Bawumia early this week said 18 State-Owned Enterprises (SOEs) made combined losses of GH¢791 million last year, in addition to over GH¢13 million financial support and loans they contracted.

He, therefore, tasked managers of SOEs to pay attention to commercial viability, fiscal impact and corporate governance issues in order to find solutions to their challenges.

The Minister of Finance in an address, said the government intended to improve the governance environment among SOEs and engender high levels of transparency and accountability for the state enterprises.

He expressed optimism that the Ownership Policy Manual would contribute significantly to further refining and implementing the SOE reforms and strategies.