The Minister for Public Enterprises, Joseph Cudjoe has led a nine-member delegation from the State Interests and Governance Authority (SIGA) and the Ministry of Finance on a one-week study tour of state-owned agencies in Singapore.

The study tour, sponsored by the World Bank under its project dubbed “Public Financial Management For Service Delivery (PFM4SD), was to provide firsthand knowledge and experience of the Singaporean Model for management of its public enterprises as well as their oversight and governance.

The study tour provided significant information and understanding of the Singaporean model for leveraging public enterprises for its economic development and provided an opportunity to adapt and replicate the Singaporean tried and tested performance management solutions that are of relevance to Ghana.

It was also to interact with selected SOEs to forge partnerships and understand from their perspectives, critical issues relative to inter-trading.

The Minister’s delegation included technical staff from his office, representatives of the State Interests and Governance Authority (SIGA) and the Public Financial Management Secretariat under the Ministry of Finance.

The entities toured and studied included the Housing and Development Board (HDB), Enterprises Singapore, TEMASEK Singapore and Singapore Food Agency. These institutions are economy-wide regulators and development agencies of Singapore.

Of significant interest to Joseph Cudjoe was the insight into revenue lines, governance structures and investment portfolio management strategies as applied to the management of a portfolio of public enterprises under SIGA’s management.

Mike Chan, Deputy Chief Executive in charge of Estates at HDB, in his presentation, explained that his entity was autonomous and insulated from government interference which allows for utmost focus on efficiency and effective delivery of public housing.

At Enterprise Singapore, officials mentioned how important it was to institute foolproof measures that support local enterprises both at home and abroad. For example, G. Jayakrishnan, the Executive Director of Global Markets for Africa, South Asia and the Middle East, said his organisation has offices across the globe with its West Africa office, based in Ghana to promote and support Singaporean firms.

At TEMASEK, the Managing Director of Institutional Relations and Singapore Markets, Chua Eu Jin, pointed out that his entity is registered under the Companies Code as a body corporate and holds all government shares in entities.

He added that the Board of Directors even include foreign professionals and they invest in both private and government agencies to ensure competitive returns on their investment to enable constant dividend payments to the government - a strategy that supports the government’s revenue performance.

At the Singapore Food Agency, Mr Damian Chan, Chief Executive Officer, stated that their mission was to secure a supply of adequate safe food for the Singaporean public and thus there is no room to be inefficient in their regulatory function and operations.

Speaking on lessons learned, Joseph Cudjoe said Enterprise Singapore reinforces the critical need for the establishment of key government agencies that are supportive of business development in Ghana, and support for local businesses to expand into other foreign markets, with a focus on improved production and packaging technologies for overall profitability.

“It is essential for the government to take practical measures to prepare SOEs and SMEs through effective targeting and support to achieve profitability and significance both home and abroad”.

He also noted that the effective inter-agency integrated planning and collaboration in Singapore ensures efficient use of resources, including Human Resources as well as land and water resources while stressing that the autonomy of Singaporean Agencies and their insulation from direct government interference underpinned by the political will of the city-state’s leadership allows them to focus on efficiency and effective delivery of their mandates, a national governance strategy which has achieved the economic growth the whole world sees of Singapore today.

“Clarity in reporting and efficiency in communication, accountability, and streamlined decision-making processes within Entities is fundamental to overall performance and development.”
One major takeaway from the tour for Joseph Cudjoe, he said was that “Political will is fundamental to ensuring the implementation of key policies, projects and programmes to achieve expected outcomes.”

According to him, Singapore’s example serves as a lesson for governance and regulatory effectiveness which every country including Ghana should work critically towards to take advantage of its public enterprises for economic development.