The maiden edition of the Public Enterprises League Table (PELT) awards has come off at Kempinski Hotel in Accra with Tema Development Company Limited winning the overall Specified Entity of the year.
PELT, a collaboration between the Ministry of Public Enterprises and SIGA with support from the Ministry of Finance to engender competition amongst the Specified Entities brought together Chief Executive Officers, Board of Directors and members of public enterprises to witness the performances of the entities.
Addressing the gathering at the maiden PELT awards night, His Excellency the Vice President of the Republic of Ghana, Dr Mahamudu Bawumia described the award as a pathway for recognising well-performing boards, Chief Executive Officers (CEOs) and their boards.
Dr Alhaji Bawumia said that the government will give the State Entities all the support to achieve profitable and sustainable operations as they play an important and critical role in the economy of the country.
He mentioned that even though the story of State Entities in Ghana has for a long time not been encouraging, they have seen improvements since 2017, providing hope that the measures which are being put in place by the government of His Excellency Nana Addo Dankwa Akufo-Addo are beginning to yield results.
“This is why I believe the theme ‘Improving Public Sector Business Outcomes’ is particularly relevant to these maiden Public Enterprises League Table…I wholeheartedly support the innovation of the Public Enterprises League Table (PELT) because it provides a pathway for recognising well-performing boards, CEOs and their management”.
He was of the view that the recent interest in specified entities was because of the openness and transparency that this government has demonstrated by laying bare all the relevant facts that pertain to these entities.
“For those who have followed particularly the publication of the State Ownership Reports, you will notice that the state of reporting has significantly improved, from what it was before. We had entities that had not presented audited accounts over a long period. While stating this, however, I would like to admit that there are still several non-complying entities when it comes to financial reporting”.
“…relative to timely financial reporting, the honeymoon is long over and severe sanctions will follow from now onwards for those who fail to meet required deadlines as specified in the law. The state must generate beneficial economic and social outcomes from its investments in these entities, and the efforts made to improve reporting. The use of digital technology should make reporting much easier and seamless going forward”, the Vice President warned.
Vice President Dr Mahamudu Bawumia commended the Minister of Public Enterprise, Hon. Joseph Cudjoe for birthing this innovative PELT Awards to whip up competition among the State Entities to achieve the needed results signed up in their performance contracts with SIGA.
Meanwhile, Hon. Joseph Cudjoe, delivering his speech at the maiden PELT Award told the gathering that the award was one of the many management approaches aimed at solving the 65 years problem posed in Specified Entities.
“These tasks as given by the President was and is to solve a 65-year-old challenge of high indebtedness, loss-making, non-performances and collapses of state entities, since independence. The charge to resolve such an old age problem required that we deploy different policy decisions from the ancient ways of doing things to restructure the state entities and deliver on the President’s vision for industrial growth, corporate growth and institutional growth to create an expansion of the economy for job creation”, he said.
To him, State Enterprises contribute significantly to the country’s Gross Domestic Product (GDP) and the economy at large, hence, if they stagnate, the economy will not realise its full growth potential to contribute to job creation.
The Director-General of SIGA, Ambassador Edward Boateng, therefore, expressed his happiness about the award and the fact that it will generate healthy competition amongst Specified Entities.
He explained that the criteria for the awards are based on the Key Performance Indicators negotiated and signed between the Entities and SIGA.
There was a symbolic Performance Contract Signed by the CEOs of State Entities amidst performances by the Police Band, National Dance Ensemble and Ohemaa Mercy before twelve awards were given out on the Night.
Best Inter-trading Company – Food and Drugs Authority (FDA)
Most Compliant Regulator – Environmental Protection Authority (EPA)
Most Compliant SOE – Ghana Irrigation Authority
Most Innovative SOE – Volta River Authority (VRA)
Most Efficient Regulator – Water Resources Commission (WRC)
Most Digital Specified Entity – Driver Vehicle and Licensing Authority (DVLA)
Most Financially Sustainable Regulator – Food and Drugs Authority (FDA
Most Innovative Regulator – Gaming Commission
Most Profitable SOE – Food and Drugs Authority
Best Regular of the Year – Driver Vehicle and Licensing Authority (DVLA)
SOE of the Year – Tema Development Corporation (TDC)
Overall Specified Entity of the Year – Tema Development Corporation (TDC)
|Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.|