Minister for Public Enterprises Joseph Cudjoe has been sharing details of significant strides his ministry has made since its inception in the quest to improve the fortunes of public enterprises.
Until the creation of the Ministry, he revealed that a worrying number of public enterprises had not signed any performance contracts nor had any prepared accounts for onward audit, which was a “a clear violation of the Public Financial Management Act”.
“Majority of the public enterprises had no performance contracts and so really it was hard to tell what they were about. Currently as I speak more then 75 out of a total number of 175 of the public enterprises have signed performance contracts and more are expected to do so as the days go by,” he told Nhyiraba Paa Kwesi Simpson, host of Connect FM's morning show Omanbapa on Monday, October 2, 2023
“Before 2016, less then 10 out of the 175 public enterprises had audited account. For example, for more than 10 years the Ghana Publishers was not preparing any accounts but now, they are doing exceptionally well in this regard. They have an updated account and even have their 2022 accounts prepared.”
He explained: “These awakening including strict monitoring and many other measures have helped to improve the financial standing of many public enterprises and more will follow until they all become self-sufficient.
According to the minister, President Nana Akufo-Addo's decision to create a new ministry is paying off.
He further disclosed that government has extended an invitation to private investors to help revive 17 public enterprises that “are locked up in the bushes”.
By Eric Yaw Adjei