Making SOEs Profitable: The Ministry of Public Enterprises has created a Performance League Table for SOEs.
Making SOEs Profitable: The Ministry of Public Enterprises has created a performance league table for SOEs.
The Public Enterprises Ministry has introduced a newly formed performance target management system for all SOEs as part of attempts to make them more efficient and lucrative.
The sector minister, Joseph Cudjoe, believes the Public Enterprises League Table (PELT) would improve competitiveness among public sector institutions and distinguish the performing ones from the weaker ones.
Stakeholders and the media will be able to monitor the performance of these businesses on a quarterly and annual basis under the system that will reward the top performing entities.
The move will aid in the scrutiny of these institutions' performance as well as the measurement of individual goals. Joseph Cudjoe, the Minister of Public Enterprises, also intimated that this will improve public sector performance in the coming months.
Making SOEs Profitable: The Ministry of Public Enterprises has created a Performance League Table for SOEs.
He believes this will encourage non performing firms to step up their efforts in making profit for the state.
“The PELT therefore, is to reward companies that are doing well and to encourage those that are not doing well to be provided with the necessary support to achieve or face the necessary sanctions.”
It also aims to facilitate peer learning and experience sharing, as well as promote state-owned businesses to trade with one another. "The PELT will become the gold standard for designated companies that are performing well," he said.
Edward Boateng, the Chief Executive of the State Interest and Governance Authority (SIGA), asked the media and the general public to assist SOEs in their efforts to increase efficiency and profit for the government.
He feels that this will assist the country in generating the necessary income for national growth.
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