Transparency, accountability, and meritocracy key to thriving SOEs, says business expert
A business leader and brand expert, Elorm K. Foli, has stated the importance of transparency, accountability, and meritocracy in ensuring the success and profitability of State-Owned Enterprises (SOEs).
Speaking as a panel member at the 13th Ghana Economic Forum (GEF) in Accra on August 8, the CEO of E.K Brand Consult, highlighted the critical role SOEs play in national development, noting their integral contribution to economic growth.
The panel, focused on the subtheme “The Future of State-Owned Enterprises: Catalyst for National Development,” brought together experts from financial technology, accounting, finance, administration, and law, all of whom contributed to a robust discussion on strategies to enhance SOE performance.
Mr. Foli asserted that for SOEs to have a positive impact and thrive, accountability and meritocracy must be at the forefront of their operational strategies.
Given the current challenges many SOEs face, particularly in terms of profitability, he urged for a significant shift in their operations, advocating for sustainable strategies to ensure their continued relevance.
“There needs to be a shift in the operations of SOEs,” Foli stated.
“The government is at a disadvantage when it comes to managing these entities. A better approach may be for the government to focus more on financing incubator schemes to provide opportunities for young people.”
He suggested that by co-owning and controlling shares in privately financed incubator projects, the government could increase revenue streams, rather than relying solely on returns from SOEs.
Foli highlighted that SOEs lose more than GHc1 billion annually due to mismanagement and cronyism, issues that can only be resolved through a strong commitment to transparency and accountability.
He acknowledged that while some SOEs are striving to stay afloat and deliver on their mandates, there is an urgent need for better management and governance.
The panel, which included experts from KPMG, AB & David, and the banking and fintech sectors, underscored the importance of leadership, integrity, and corporate governance in steering SOEs in the right direction.
The 13th Ghana Economic Forum, held under the theme “Unlocking Opportunities: Re-Engineering Ghana’s Economic Model for Sustainable Development,” provided a platform for discussing critical issues affecting the nation’s economic future.
Elorm K. Foli is a dynamic and innovative leader committed to leveraging technology to support small and medium-sized enterprises (SMEs) in Ghana.
With a strong academic background and diverse professional experience, Foli has consistently pursued sustainable economic development through technological innovation and strategic leadership.
His career includes roles in tech, marketing, and advertising, and as a Communication Specialist for Nescafe in West Africa, where he managed advertising and marketing efforts across 22 countries, enhancing product market presence.