Cabinet approves State Enterprises Act

Business News of Wednesday, 19 December 2018

Source: dailyguideafrica.com

2018-12-19

Stephen Asamoah Boateng addressing the media

Stephen Asamoah Boateng, Executive Chairman of the State Enterprises Commission (SEC), says Cabinet has approved the State Enterprises Authority Bill which will soon be laid before Parliament.

According to him, Parliament would work on the document before it rises for recess.

Mr. Asamoah Boateng disclosed this at a media interaction hosted by the SEC at the Commission’s office in Accra on Wednesday.

He urged members of the public to pay attention to the Bill when laid before Parliament to ensure better understanding of its implications.

The move, he said, would empower it to supervise the activities of state-owned entities, which currently were under the SEC.

Commenting on the performance of the SEC, he posted a healthy picture which he attributed to its prudent management.

He said SEC had witnessed a major turnaround since the change of government even though it lost about GH¢28.3 million in 2017.

He also disclosed that government, under the stewardship of President Akuffo-Addo, would not condone corruption.

The State Enterprise Commission has internal audit units, corporate planning and management systems that ensure the institution and implementation of managerial and professional training programmes for their staff

SEC has a core mandate to facilitate performance management in SOEs and other prescribed bodies within the framework of government policy and to ensure that they operate efficiently, effectively and profitably to contribute towards the socio-economic development of the country.

State Enterprises Commission was created from the State Enterprises Secretariat which was incorporated in 1965 under Legislative Instrument (L.I. 47).

It was tasked to promote the efficient and profitable operation of Statutory Corporations engaged in trade and industry within the framework of government policy.

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