The government launches new programs to improve SOE performance.

A number of new initiatives have been unveiled by the government with the aim of addressing important issues, increasing operational effectiveness, and improving State Enterprises’ (SEs’) performance.

At today’s Minister’s Press Briefing, Hon. Joseph Cudjoe, Minister for Public Enterprises, made an announcement that represents a major advancement in the government’s continuous efforts to optimize and reform SOEs in order to better serve the public and advance national development.

“State Enterprises play a crucial role in our economy, and we must ensure they operate at their maximum potential, our new initiatives are designed to address the systemic issues that have hindered their performance and to foster a culture of accountability, efficiency, and innovation”, said the minister.

The new strategy’s deployment of thorough performance assessments is one of its main elements. The government intends to carry out a thorough assessment of SEs in order to pinpoint inefficiencies and establish precise performance standards. Together with these assessments, specialized improvement plans that are adapted to the unique requirements of every business would be created.

“The performance reviews will be conducted in collaboration with independent consultants to ensure objectivity and thoroughness, we want to have a clear understanding of each SOE’s strengths and weaknesses so that we can develop targeted interventions”, Hon. Codjoe said.

The government is giving capacity building for SE management teams a priority in addition to performance reviews. This would entail specialized training programs designed to give leaders the abilities and know-how required to propel organizational transformation and improve operational efficacy. The Minister stressed that attaining the intended results requires strong leadership.

Adopting contemporary management techniques is another important component of new projects. To improve decision-making inside SEs and expedite operations, the government is pushing for the adoption of data-driven approaches and technology. This involves using digital technologies to track performance and manage finances more effectively.

The Minister further emphasized that the Government is committed to helping SEs develop an accountability culture, which includes setting explicit performance goals and making sure that there are systems in place to hold management responsible.

“Our goal is to create a culture where performance is measured, results are achieved, and accountability is upheld, we believe that these measures will not only improve the performance of our SOEs but also restore public confidence in their ability to deliver essential services,” stated the minister.

The Minister reaffirmed the Government’s commitment to assisting SEs in their quest for increased effectiveness while expressing hope about the possible results.