The Minister for Public Enterprises, Mr. Joseph Cudjoe, has charged members of boards of State Owned Enterprises (SoE) to make the 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”, the Minister 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”, the Minister pointed out, adding that the assets should be used to move revenue up and bring cost down.
The Minister was speaking at the closing session of a Corporate Governance training for boards of SoEs held in the Eastern Region, last Saturday. A Selected number of boards took turns to be trained for two days each from 7th to 20th March.
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.
Mr. Cudjoe, pointed out that, their appointment by H.E. President was an opportunity to serve given that others were denied those chance and thus it was 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 counseled participants not to run the boards with egos and feelings but with rationalism, expertise and skills.
Mr. Cudjoe opined that board members must be dedicated to their duties, given that it creates additional experience profile that will propel them for greater opportunities in the future.
