President Akufo-Addo has commended the management of Intercity STC Coaches Limited for turning the financial fortunes of the transport company around from a cash-strapped entity in 2016 into a revenue-making business in 2020.
Commissioning 100 buses valued at $13 million as part of his three-day tour in the Greater Accra Region, the President singled out STC’s Managing Director, Nana Akomeah for demonstrating competent leadership.
“We should give a very big round of applause to the CEO and the management of STC. He has talked about, on the basis of 50 buses that were provided by government some 4 years ago, he’s been able to develop the operation of the company to the extent that on the basis of the company’s own balance sheet, they can go to an important bank like ADB and solicit for assistance which is readily forthcoming.”
In view of this, the President urged struggling state-owned enterprises to adopt the standards of professionalism and commitment of STC’s management body.
“This is an example that should be emulated by all state entreprises in our country. That they should be professionally ran and commercially driven.”
On his part, Managing Director of STC, Nana Akomeah said although the company has seen significant improvement, the closure of the borders has, however, had a big impact on the finances of the company.
According to him, governments’ stimulus package has been helpful in keeping the business afloat amidst the crisis.