Minister for Public Enterprises, Joseph Cudjoe is urging Ghanaians to assist in making State-Owned Enterprises (SOEs) profitable.
This, he suggested, can be achieved if the public pays the right prices for the services rendered by the SOEs.
Joseph Cudjoe made these comments when he appeared on JoyNews’ AM Show on Tuesday, April 19.
He was speaking in relation to the unprofitable performance of SOEs in a recently released SIGA report.
The report indicates that in 2020, most SOEs made crippling losses running into billions of Ghana cedis.
According to him, inasmuch as private businesses increase their prices for goods and services as and when necessary, the same should be for SOEs.
The Minister, as a result, insisted that the public stands at greater risk if the SOEs are compelled to use inferior chemicals for production in order to remain competitive.
“I am an advocate for paying the right prices for things. The Ghana Water Company Limited for example treats water at a cost and the price and the risk we all as a public incur if they do not have the right financials to buy the chemicals to treat the water, is if they are compelled by circumstances to compromise on the quality, the effect comes to us.”
“So if we all have to swallow and pay the right prices just like when a private sector person increases the price, we adjust and swallow, we should be willing to do same for state enterprises.”
Meanwhile, an Associate Professor at the University of Ghana Business School (UGBS), Prof. Lord Mensah, wants the state to put in place benchmarks to be met by the Chief Executive Officers of these state institutions.
He said, “We need to put down measures that will require that those who are appointed, be it the CEOs, the Board, and all those people have some benchmarks.
“And possibly look at how we can even tie it to their salaries – I know most of them are taking more than 5 digit figures when it comes to salary compensation – so let’s look at all these things, tie your performance to some of these indicators, and stop giving excuses like the environment does not make provision for it.”
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