12 companies submitted to cabinet for privitisation – Public Enterprise Minister

The Minster for Public Enterprises, Joseph Cudjoe has disclosed that the names of 12 State Owned Enterprises (SOEs) have been submitted to cabinet for approval for them to be sold to private investors.

According to him, the companies are state enterprises performing below expectations and making losses.

Mr. Cudjoe said government will also partly sell some of the enterprises and list others on the Ghana Stock Exchange.

Mr. Cudjoe added that the names of the institutions would be made known after the list receives cabinet approval.

“I have submitted 12 enterprises for cabinet approval in this three categories. I’ll not be able to tell you the numbers that are for inviting strategic investors, and equity disposals, government equity disposal”, he said.

He explained that some strategic State Owned Enterprises will be listed to enhance transparency and allow the public to own part of such State Owned Companies.

“Some of the SOE will be listed on the Stock Exchange. This will mean selling part of government’s shares so that private sector comes into it. So this categories we are looking for government approval and subsequently would implement the approval”.

Mr. Cudjoe said it is time for state companies to run profitably to help protect tax payers’ monies.

He stated that there is the need to deliberately put in place human resources to strategically make state companies viable.

This, he said will reduce wastage of funds in the public sector.

Touching on the need to scrutinise procurement systems of public sector companies, Mr. Cudjoe ruled out any plans to cut down on expenditure allocation to state companies in an attempt to control financial improprieties.

He rather argued that it will be prudent to check procurement processes by introducing technology in the operations of state companies to block revenue leakages.