SIGA holds maiden weekly media engagement series for SOEs

State Owned Enterprises (SOEs)
State Owned Enterprises (SOEs)

The State Interests and Governance Authority (SIGA), has held its maiden weekly media engagement series for State Owned Enterprises (SOEs) in Accra.

The event, which featured Dr Ben KD Asante, Chief Executive Officer (CEO), Ghana Gas and Mr Edwin Provencal, Managing Director, Bulk Oil Storage and Transportation (BOST), is to enable the SOEs’ CEOs share their success stories with their various stakeholders and the Ghanaian citizenry.

Over the years, SOEs and other specified entities have received significant investment from the Government to make them profitable and to contribute to the overall economic prosperity of the country.

Many of these SOEs have been able to turnaround their business operations tremendously over time through good leadership and best business practices despite the negative impact of the COVID-19 pandemic.

The SIGA has identified SOEs that have performed remarkably well, and whose success stories are worth sharing.

Mr Joseph Cudjoe, Minister, Public Enterprises, said according to the State Register of specified entities were about 175 SOEs, joint venture companies and other state agencies.

He said in the SOEs, which were corporate with Government having 100 per cent share were 52, whereas joint venture companies were 46 and then other agencies 77; saying these were a big chunk of investments, which the Government had made.

He noted that if all these entities were operating profitably and efficiently, they would be creating a huge wealth for Ghana.

He lauded chief executive officers and boards of SOEs who were doing their best to turn the fortunes of their companies around.

“When board’s interest aligns with Government’s interest and management interest is aligned with board’s interest, then we are sure that we are going to see a kind of resulting (referring to the success story of BOST and Ghana Gas) that we are witnessing today,” he said.

He said it was the President’s wish that the problems of underperformance of some SOEs, which had saddled the country for over 60 years, would be a thing of the past.

Mr Stephen Asamoah-Boateng, Director-General, SIGA, said the Authority wanted the SOEs to engage with Ghanaians through the media to let them know their achievements and challenges.

He said SIGA sought to create excellence of public service with a private sector mind-set; so, that they would reap the benefits for Ghanaians and to the glory of God.

He noted that the Authority would ensure that on weekly basis, two chief executive officers of SOEs, would take their turn at the weekly media engagement series to brief Ghanaians on their achievements and challenges.

Dr Asante said the vision of Ghana Gas was to be an integrated and reliable gas services company.

He said the Company sought to contribute to Ghana’s industrialization process by installing and operating gas infrastructure required for gathering, processing and delivery of natural gas resources to the market in a safe, cost effective and environmentally responsive manner.

Dr Asante said the gas processing plant would be expanded to increase the capacity from 150 to 240MMscfd (Million standard cubic feet per day).

Concerning the Prestea-Kumasi Gas Pipeline Project, which was 60 per cent complete, Dr Asante said the project when completed would enable them to supply lean gas to Nyinahin and Kumasi for mineral processing and power generation.

On his part, Mr Provencal said BOST’s mandate was to develop a network of storage tanks, pipelines and other bulk transportation infrastructure throughout the country.

He said in the past, the Company used to be saddled with numerous challenges such as loans and debt payments, however, under his leadership, its fortunes were being turn around.

Mr Provencal said as at the end of 2020, BOST was able to make a profit of over GHC30 million, however, he was quick to add that despite the gains they had made in 2020, they were not yet out of the woods.

He said BOST would be run like any world class company, and that going forward their focus would be to enhance operational excellence and to aggressively grow business.

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