Hon. Joseph Cudjoe, Minister of Public Firms, has introduced the "Public Enterprises League Table" (PELT) Award system to evaluate the performance of all defined state enterprises in compliance with the SIGA performance contract.
At the Osu Castle conference room introduction of the award scheme, Hon. Cudjoe said PELT was one of the most powerful management instruments for ranking and promoting competition among state organisations.
PELT was his brainchild, according to the Member of Parliament for the Effia Constituency in the Western Region, who said it was created to engender competition among public enterprises in order to drive home President Akufo-vision Addo's of creating more jobs through public enterprises and also in the private sector.
Through the One District One Factory concept, the business sector is involved.
The Minister for Public Firms explained what the Public Enterprises League Table aims to do, saying that the award scheme would assess how well public enterprises have performed in relation to the contract they signed with the State Interests and Governance Authority (SIGA).
He went on to say that because these public businesses had gone through a negotiation process with SIGA and agreed on terms and conditions as well as indicators and objectives to meet their targets, the PELT would require them to stay focused and stick to the performance contract.
"As a tool, we rate the state's companies in terms of their achievement of the goals in the performance contracts," he explained.
PELT, on the other hand, he defined as a technical rating rather than the conventional public ranking, in which a team that finishes worst in a soccer league, for example, is relegated.
He instead stated that the PELT, as a management tool, would ensure that the firm that finished bottom in the league table would be given additional help in terms of time, effort, and maybe financial resources, as well as training and capacity building.
On the other hand, he stated that the corporation that ranks first in the league table will not require any attention in terms of resources and energy.
Hon. Joseph Cudjoe, on the other hand, stated that the ranking committee developed four parameters on which public companies would be graded and awarded.
"The ranking committee has identified four categories for evaluation, ranging from financial and economic concerns (profitability) to dynamic impacts" (innovations, if the entities are engaging in innovations and they are investing in the state assets or maintaining them so that in the future, the same assets will be used to generate revenue and report a profit for us).
"Efficiency and productivity are the third and fourth dimensions, respectively, while management improvement is the fifth. The public businesses league table rating is based on how well organisations perform in these four categories," he stated.
As a result, he asked the media to pay close attention to all of President Akufo-efforts Addo's to guarantee that the state's assets perform properly for the benefit of all Ghanaians.