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Public Enterprises Ministry Launches PELT Awards To Reward Outstanding SOEs

The Ministry of Public Enterprises has launched a Public Enterprises League Table (PELT) aimed at ranking performances of State-owned Enterprises (SOEs) in the country.

According to the Ministry, the award scheme will not only reward deserving SOEs but also make them competitive and profitable.

Addressing Journalists in Accra on Friday, the Minister for Public Enterprises, Joseph Cudjoe said "The Public Enterprises League Table (PELT) is an innovation by the Minister for Public Enterprises to assess the performances of Specified Entities (SEs) regarding compliance"

The Minister also mentioned that the list of deserving SOEs will be published after an assessment in May, 2022.

He further explained that PELT is been introduced by Ministry of Finance and the State Interest and Governance Authority (SIGA). has gathered that the Public Enterprises League Table (PELT) is set to create competition among the specified entities which includes the State Owned Enterprises (SoEs), Joint Venture Companies (JVCs) and Other State Entities (OSEs) as stipulated in the SIGA Law, ACT 990.

It is also emerging that PELT has been launched to promote innovation in the management of the SEs to ensure organizations are not only profitable but also efficient, provide non-pecuniary incentives for improved performance, boost the stature of performing organizations, recognize/Award Chief Executive Officers (CEOs)/Managing Directors (MDs)/Director Generals and Boards of performing SEs as well as to provide a pathway for recommending the promotion of performing CEOs/MDs/DGs to be elevated to occupy similar positions in more prominent SEs.

The sector Minister, Joseph Cudjoe, said "The initiative is to reward companies that are doing well and to encourage those that are not doing well to be provided with the necessary support to achieve or face the necessary sanctions"

He stressed that the initiative will further provide peer learning and experience sharing opportunities likewise to encourage SEs to trade among themselves.

"My appointment was to solve a 65 year old problem in the SE sector which has been characterized by high indebtedness, loss making, non-performance and in some instances, collapse. President Akufo-Addo had me to develop policies that will engender good performance from the SE sector to generate income for the economy and also make sure, there is industrial expansion and institutional growth to create jobs for the masses"

“Since 2017 however, the government of His Excellency Nana Addo Dankwa Akufo Addo, has indicated clearly, its willingness to ensure that the mistakes of the past are dealt with effectively. Consequently, the many years of non-reporting, inefficient leadership and creating an opportunity for political sympathisers and supporters has come to an end”, he pointed out.

The Minister for Public Enterprises challenged the media not to outline only the challenges of the SEs but contribute to making them vibrant, effective, efficient and profitable because they constitute about a third of the total economy of the country.

“This is not the type of league table that will relegate the last person. When you are at the bottom, it would mean that we should spend more resources in terms of time, training and attention on you to enable you perform better. The PELT, would become the platinum standard for specified entities which are doing well”, he said.

Taking his turn, the Director General of SIGA, Ambassador Edward Boateng described PELT as a good measuring tool which will assist the efforts to encourage the improvement in the performance of SEs.

“This initiative, we hope will enable our specified entities contribute about 30% minimum to our GDP. SEs control about 50% of our national assets. As we speak now, their contribution to GDP is quite low and our target is to raise it to about 30% to help improve our national fiscal space. We hope that this award will inspire them to grow for us to meet the target. For them doing more will help us generate the needed income to build our country”,

"PELT will be based on the performance evaluation in the Performance Contract the specified entities sign with the SIGA to ensure compliance to the provisions in the contract"

He also told Journalists that PELT will offer the opportunity to rank the SEs by the negotiated and agreed indicators and present in the League Table Form.

"PELT is designed as an add-on feature of the assessment tool for the post evaluation of SEs, pursuant to the Performance Contract Implementation, which provides MPE, SIGA and the Ministry of Finance (MoF) with the measurable indicators to conduct a peer ranking exercise to achieve its mandate"

This year's PELT Awards Programme is scheduled for the 27th of May 2022.

Story by: Joshua Kwabena Smith



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