- Dr. Bawumia says severe sanctions will be meted out to managers of State-Owned Enterprises (SOEs) who fail to churn out profits
- The new directive comes on the back of a performance review of SOE in 2019
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Vice President Dr. Mahamudu Bawumia has sent a strong warning to the heads of the State-Owned Enterprises (SOEs).
Dr. Bawumia charged the State Interests and Governance Authority (SIGA), to sanction managers of the SOE who fail to churn out results or make profits.
He gave the directive at the 2020 performance contract signing ceremony with key managers of SOEs.
“How can a State Entity whose core function is to buy and sell a commodity that has a ready market and earn a commission, run into debts of hundreds of millions of Ghana cedis? Either someone doesn’t care or that we run these State Entities with private agendas,” the Vice President said.
Bawumia further noted that “in the past, the operations of the state entities were quite opaque but with SIGA, enhanced transparency and accountability is being introduced.”
The Vice President also reminded the management and board members that their continued stay in their positions will depend on whether they meet the targets set for them in the performance contracts.
SIGA was established in 2019 by an Act of Parliament to put state-owned enterprises and joint venture corporations on the path of profit-making.
Among other things, the Authority which took over the role of the then State Enterprises Commission works to increase profitability within the framework of government policy.
The aggrieved customers bused from Tarkwa, Kumasi and other parts of the country say they can no longer tolerate the spin and lies of NAM1.
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