Tema Development Company Limited was named the overall Specified Entity of the Year at the Public Enterprises League Table (PELT) awards ceremony, which was held at the Kempinski Hotel in Accra.
Chief Executive Officers, Board of Directors, and members of public enterprises were present to observe the performances of the entities as part of PELT, a collaboration between the Ministry of Public Enterprises and SIGA with assistance from the Ministry of Finance to foster competition among the Specified Entities.
His Excellency the Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia, addressed the audience at the first PELT awards ceremony and defined the prize as a means of recognising effective boards, Chief Executive Officers (CEOs), and their boards.
According to Dr. Alhaji Bawumia, the government would provide State Entities with all the assistance necessary for them to operate profitably and sustainably because they are vital to the nation's economy.
Even though the history of State Entities in Ghana has not been particularly encouraging for a long time, he noted that since 2017, there have been improvements, giving hope that the policies being implemented by the administration of His Excellency Nana Addo Dankwa Akufo-Addo are starting to have an impact.
This is why I think the inaugural Public Enterprises League Table's subject of "Improving Public Sector Business Outcomes" is so pertinent.
I strongly appreciate the Public Enterprises League Table (PELTinvention )'s since it offers a means of recognising effective boards, CEOs, and management.
He believed that the current attention paid to some entities was a result of the government's openness and transparency in disclosing all pertinent information about these businesses.
"Those who have paid close attention to the State Ownership Reports release in particular will notice that the reporting quality has greatly increased from what it was previously. We have entities that spent lengthy periods of time without presenting audited accounts. Despite this, I would want to acknowledge that there are still a number of organisations that do not comply with financial reporting regulations. "...regarding timely financial reporting, the honeymoon is gone, and those who continue to break the law's deadlines will face harsh penalties going forward. The state's investments in these organisations and its efforts to enhance reporting must result in positive economic and social consequences. The Vice President cautioned that moving forward, reporting should be considerably simpler and more seamless due to the usage of digital technologies.
Vice President Dr. Mahamudu Bawumia praised the Minister of Public Enterprise, Hon. Joseph Cudjoe, for creating the creative PELT Awards to stoke competition among the State Entities to get the necessary outcomes stipulated in their performance contracts with SIGA.
While speaking at the first PELT Award, Hon. Joseph Cudjoe informed the audience that the award was just one of several management strategies used to address the 65-year problem raised in Specified Entities.
"These duties, as assigned by the President, were and are intended to address a 65-year-old issue of significant debt, loss-making operations, performance failures, and entity collapses since independence. In order to reorganise the state entities and carry out the President's vision for industrial growth, business growth, and institutional growth to produce an expansion of the economy for job creation, we had to use new policy decisions from the previous methods of doing things, he added.
According to him, state enterprises make a substantial contribution to the nation's GDP and the economy as a whole; as a result, if they stall, the economy won't reach its full growth potential and won't be able to contribute to job creation.
Ambassador Edward Boateng, Director-General of SIGA, expressed his joy at the prize and the fact that it will foster healthy competition among the Specified Entities.
He clarified that the Key Performance Indicators that were developed and agreed upon by the Entities and SIGA serve as the basis for the award criterion.
Before twelve prizes were given out on the night, a symbolic Performance Contract was signed by the CEOs of State Entities in the middle of performances by the Police Band, National Dance Ensemble, and Ohemaa Mercy.
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