Vice President, Dr Mahamudu Bawumia has cautioned State-Owned Enterprises (SOEs) who default to present their audited financial account reports will be sanctioned.
Speaking at the maiden edition of the Public Enterprises League Table (PELT) Awards, the Vice President said most Public Enterprises were fundamentally not accountable.
“You don’t know what you have invented, this league table is innovative and it will help address the identified problems in the Public Enterprises sector.
“This will change the Public Enterprises sector. I mean who will want to be last on the league table. When an entity is last this year on the league table, it will strive to push to come forward to a better position the next time and that is what I see the PELT achieving”, the Vice President noted.
The team, led by the Minister for Public Enterprises, Joseph Cudjoe, as part of its activities prior to the Public Enterprises League Table Awards programme, would on Thursday 30th June 2022, embark on a road show to display a sample of the plaque to be presented to the winning entities on the day of the event to the Vice President in his office.
“I don’t know of any other country with a league table to assess performances of its public entities. This will really benefit the country if it is done and sustained”, Dr Bawumia observed.
The Vice President commended the Minister and the PELT technical committee team for devising the awards to engender competition among the public enterprises.
Mr Cudjoe said the PELT was an innovation, designed as an add-on management assessment tool for evaluating Specified Entities (SEs).
He said the foundation of the PELT is the Performance Contract signed by the SEs, which provides the measurable Performance Dimensions and indicators which permit the State Interests and Governance Authority (SIGA) and the Ministry of Public Enterprises (MPE) to conduct peer ranking exercise to achieve their prescribed mandate.
The Minister indicated that the objectives of the PELT included the creation of competition among SEs, promoting innovation in the management of the SEs to ensure organizations are not only profitable but also efficient, and providing non-pecuniary incentives for improved performance.
Meanwhile, at the end of the presentation, the Tema Development Company Limited (TDC) was crowned the overall Specified Entity of the Year.
Others include; Most Compliant SOE – Ghana Irrigation Development Authority (GIDA), Most Innovative Regulator – Gaming Commission of Ghana, Most Innovative SOE – Volta River Authority, Regulator of The Year – DVLA and State-Owned Enterprise of The Year – Tema Development Company Limited (TDC).
The event which was organized by the Ministry of Public Enterprises in collaboration with State Interests and Governance Authority (SIGA) and the Ministry of Finance was not only aimed at rewarding hardworking entities in the country but also to motivate others to work harder.