SOEs generate 10.8 trillion cedis
Two provide 1.5 billion cedis assistance
SOEs generate 10.8 trillion cedis
Accra (Greater Accra), 10th February 2000
Revenues from 25 state owned enterprises (SOEs) increased from 510.1 billion in 1993 to 10.8 trillion cedis by December 1998.
Profits for 16 of the SOEs rose from 71.0 billion to 1.8 trillion cedis within the same period.
Mr. Frank Ocran, Executive Chairman of the State Enterprises Commission said on Wednesday at the signing of the year 2000 performance contract by chief executive officers and chairmen of board of directors of SOEs and the government in Accra.
Mr. Peter Wiafe Pepera, Deputy Minister of Trade and Industry represented the government.
The contract enjoins heads of state institutions to improve on the productivity and maximise profit as well as achieve development targets.
Mr. Ocran said tax contributions of 12 of the 29 SOEs augmented from 21.7 billion cedis in 1993 to 81.0 billion cedis in 1998.
He said nine out of the 29 paid 15.2 billion cedis as dividend to government in 1998.
In 1993, 1.1 billion cedis was paid to government as dividend.
Mr Ocran said 29 companies participated in the Performance Monitoring and Evaluation (PME) which allows the individual enterprises to set targets and assess their performances.
He said the results from the PME system has so far been positive and impressive adding that SOEs are significant.
Mr. Ocran pointed out however, that some SOEs have not been living up to expectation.
"There are still SOEs among us whose audited accounts are not up to date or are produced at a time when the usefulness of the document is questionable.
"There are yet other SOEs which are overwhelmed with numerous legal cases simply because management have failed to tackle the issues as they come by."
Mr. Ocran commended the Ghana Civil Aviation Authority (GCAA) and all SOEs for working hard to avoid the millennium bug.
In a speech read for him, the Deputy Minister of Finance, Mr Victor Selormey urged Chief Executives of SOEs to exhibit transparency and accountability to justify the autonomy granted them.
He said the encouraging financial data on the performance of SOEs show a marked improvement adding that there is still more to do.
Mr Selormey asked them to work hard and ensure maximisation of inflow of funds to government by using modern cost-effective management tools to run the affairs of SOEs for the realisation of the objectives of Vision 2020.
He said the PME system provides adequate rewards for the nation and managements of SOEs.
He called for the support of all stakeholders in order to achieve more feat for the country.
Mr Selormey said the government expects all managers of SOEs to fulfil their financial statutory obligations through satisfaction of tax obligations and payment of dividends.
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Two provide 1.5 billion cedis assistance
Kuntanase (Ashanti), 10th February 2000
The government has through the assistance of the International Fund for Agricultural Development (IFAD) and the United Nations Development Programme (UNDP) made available over 1.5 billion cedis to support farming and micro-economic activities of the Bosomtwe Rural Bank.
The money is to be advanced to more than 2,000 beneficiaries made up of women groups engaged in gari processing and palm oil extraction, farmers, fishermen, marketers of agricultural produce and "susu" groups.
Mr. Johnny Archibrah, General Manager of the Bosomtwe Rural Bank, administrators of the loans, disclosed this on Wednesday at the bank's savings mobilisation campaign at Kuntanase.
He announced special loan packages by the bank to help people in its catchment area to improve on their living standards.
These new products include, salary budget account, farmers saving scheme and a special women's loan facility.
He said the bank has introduced a mobile banking system to bring banking services to the doorstep of people in areas that are not easily accessible, he added.
Mr. Archibrah appealed to customers who have received loans from the bank to ensure early repayment to enable it to support the economic activities of the people.
The chairman of the Board of Directors, Mr. J.E. Sarkodie, asked the people to buy more shares to raise the total share capital from 78 million cedis to 100 million cedis.
The bank, established 18 years ago, now has a total deposit of 3.6 billion cedis.
The bank donated 1,000 cement blocks to support the construction of a palace for the Kuntanase paramountcy.
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