The Minister for Public Enterprises, Joseph Cudjoe, has been sharing details of what he says are significant strides the ministry has made since its inception in the quest to improve the fortunes of public enterprises.

Until the creation of the Ministry, he says a worrying number of public enterprises had not signed any performance contracts nor had any prepared accounts for onward audit, which was “a clear violation of the Public Financial Management Act.”

“Majority of the public enterprises had no performance contracts and so really it was hard to tell what they were about. Currently, as I speak more than 75 out of a total number of 175 of the public enterprises have signed performance contracts and more are expected to do so as the days go by,” he told Nhyiraba Paa Kwesi Simpson, host of Connect FM’s Morning Show Omanbapa on Monday, October 2, 2023.

“Before 2016, less than 10 out of the 175 public enterprises had audited accounts. For example, for more than 10 years the Ghana Publishers was not preparing any accounts. But now, they are doing exceptionally well in this regard. They have an updated account and even have their 2022 accounts prepared.”

He explained that “These awakening including strict monitoring and many other measures have helped to improve the financial standing of many public enterprises and more will follow until they all become self-sufficient.

“Now when you mention BOST, it is not about contaminated fuel or debts but about profits. VRA is also making impressive progress and as I mentioned, Ghana Publishers. There are many others as well.”

According to the Minister, President Akufo-Addo’s decision to create a new ministry is paying off.

He further disclosed that the government has extended an invitation to private investors to help revive 17 public enterprises that “are locked up in the bushes.”