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Only GH¢5.2m Paid To Gov't By June 2009 From Investments In SOEs   
 
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09-Oct-2009  
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Dr. Kwabena Duffuor, Minister of Finance and Economic Planning, has disclosed that though government was expecting GH¢15 million from its investments in joint venture companies and SOEs, only GH¢5.2 million had been paid to government chest by the end of June 2009.

"To avert this trend and assist SOEs to operate profitably, the PPA recommends the strict adherence to provisions of Act 633 to curb waste, reduce fiscal risks and make savings for higher turnover," he said.

Dr. Kwabena Duffuor, Minister of Finance and Economic Planning, made the call at the closing session of a seminar jointly organised by MOFEP and the Public Procurement Authority (PPA) at Dodowa on Friday.

It was to build the capacity of the participants on provisions of the Public Procurement Act, 2003 (Act 633) and assist them to effectively manage procurement in a fair, transparent and non-discriminatory manner.

Dr. Duffuor, called on State Owned Enterprises (SOEs) to make judicious use of state resources to achieve performance targets and yield dividends to enhance the country's socio-economic development.

The Finance Minister observed that public procurement accounted for about 70 per cent of government outflow and a critical component of government expenditure that required efficient and prudent management.

"As key stakeholders and managers of SOEs, you are expected to attain a good appreciation of the law that governs its practice to effectively make good savings for your respective enterprises and government," he added.

Mr. Adjenim Boateng Adjei, Chief Executive Officer of PPA, said the Act was enacted in December 2003 to ensure that public procurement were undertaken in a fair, transparent and non-discriminatory manner using state resources in a judicious and efficient way.

PPA was established in 2004 to harmonise the processes of procurement in the public service and to secure a judicious, economic, and efficient use of public funds.

It would in addition, ensure that public procurement was undertaken in a fair, transparent and non-discriminatory manner while promoting competition within the local industrial sector.
 
 
Source: GNA
 
 

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