Finance Minister Hosts Heads of State Own Enterprises
The Minister of Finance and Economic Development Dr Khelfala Marah (in photo), has high level discussion with heads of State Own Enterprises at his George street office in Freetown.
The purpose of the meeting according to the Minister was to encourage these State Own Enterprises to collaborate effectively with his Ministry and government as whole in order to look at their individual agencies, review their strategies, their corporate culture. Their human resource bade as well as to review their implementation challenges
He made it clear that they key objective of the meeting is achieving efficiency stating that they should take a look at what it takes for them to be able to achieve efficiency. He added that it is important for them to sit down with State Own Enterprises as per 2014 budget statement, to look at ways and means through which they will be able to wind state own Enterprises of the budget in order for them to become independent profit making institutions and to grow within the environment.
He said government needs the requisite fiscal space to be able to support Agenda for prosperity project either for health Agriculture or any of the Government areas. Dr Khelfala Marah, pointed out that they have collaborated with DFID to recruit a Company which is headed by a gentle man from the UK who is familiar with Corporate Enhancement Environment in developed economy but also has as Sierra Leonean experience to lead the process.
Speaking further on the key objective of the meeting, the Minister said the goal is to achieve efficiency, mindful of the measures taken to achieve their objective.
He emphasized the need to sit down with state owned agencies and identify ways and means to wean off these agencies from the 2014 budget so that they become independent profit making institutions and to grow within the environment. Dr Marah, said government needs the requisite fiscal space to be able to support for instance, the Agenda for prosperity project of other areas of government intervention, pointing out they have collaborated with DFID to recruit someone familiar with corporate enhancement environment and has Sierra Leonean experience to lead the process.
In his remarks the Chairman of the National Commission of Privatization {NCP] Dr Micheal Kargbo, lauded the Initiate to review state the operations of public institutions, and recalled that the commission was established by Act of Parliament 2002 to serve as a policy and decision- making body with regards reforming public enterprises, adding that the objective of the act was to transfer the management of all public enterprises to the commission and remove any interference in the management of public enterprises by line ministries.
He noted that the NCP is about reforming and getting the state own enterprises to contribute to national development, noting that the commission has a role to play in all public enterprises contributing to the Agenda for prosperity, in the sense of economic diversification as well as promoting Economic growth.
Dr Micheal Kargbo, spoke about challenges faced by state own enterprises which are adversely affecting their input, such as conflict of interest, high staff cost etc. stating it clearly that he will not micro- manage public enterprises as he has a responsibility to ensure that sanity prevails in these public institutions.
He said leadership in the commission is going to be critical, saying he has already taken some measures to ensure that sanity into some state owned enterprises that have the potential to benefit the nation by paying dividend, but due to poor management, they are now in financial trouble. He concluded by assuring the Minister of Finance that NCP welcome the initiative which he said will form the basis of ensuring that state own enterprises contribute to economic diversification and also enhance economic growth.
Managing Director of SALPOST Samuel Koroma, said the initiative is a welcome idea as they have been discussing with their colleagues about some of the challenges they are faced with.
The Deputy Managing Director of Rokel Commercial bank, Micheal Collier, thanked the Minister of Finance and Economic Development for hosting the meeting and further reiterated some of their challenges while noting that his institution is peculiar as the Government has 51% share holding and 49% is in the hands of the General public.
Other heads of State Own enterprises made meaningful contributions.
BY Hawanatu Bockari, SLENA/Mofed
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