TDC Wins Specified Entity of the Year at Maiden PELT Award | Economic news

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The first edition of the Public Enterprises League Table (PELT) awards went to Kempinski Hotel in Accra, with Tema Development Company Limited winning the overall Specified Entity of the Year award.

PELT, a collaboration between the Ministry of Public Enterprises and SIGA with the support of the Ministry of Finance to engender competition between specified entities, brought together chief executives, board members and members of public enterprises to assist the performance of entities.

Addressing the gathering on the first evening of the PELT Awards, His Excellency the Vice President of the Republic of Ghana, Dr Mahamudu Bawumia described the award as a pathway to recognize high performing boards, CEOs and their boards.

Dr. Alhaji Bawumia said that the government will provide state entities with all necessary support to carry out profitable and sustainable operations as they play an important and critical role in the economy of the country.

He mentioned that while the history of state entities in Ghana has not been encouraging for a long time, they have seen improvements since 2017, giving hope that the measures put in place by the government of Her Excellency Nana Addo Dankwa Akufo- Addo is starting to show results.

“That’s why I think the theme of ‘Improving Public Sector Business Performance’ is particularly relevant for this first SOE League Table… I wholeheartedly support the innovation of the SOE League Table (PELT) because it provides a pathway to recognize good performance by boards, CEOs and their management.”

He believed that the recent interest in specific entities was due to the government’s openness and transparency in exposing all relevant facts relating to these entities.

“For those who have followed the publication of the State Ownership Reports in particular, you will notice that the state of the reports has improved considerably from what it was before. We had entities that had not presented audited accounts for a long period. While saying this, however, I would like to admit that there are still several financial reporting non-compliant entities”.

“…regarding timely financial reporting, the honeymoon is long over and severe penalties will follow from now on for those who fail to meet the required deadlines as specified in the law. The State must generate beneficial economic and social spin-offs from its investments in these entities and from efforts to improve reporting. The use of digital technology should make reporting much easier and more transparent in the future,” the VP warned.

Vice President Dr. Mahamudu Bawumia congratulated the Minister of Public Enterprises, Hon. Joseph Cudjoe for giving birth to these innovative PELT awards to stimulate competition between state entities to achieve the necessary results signed in their performance contracts with SIGA.

Meanwhile, the Hon. Joseph Cudjoe, delivering his speech at the inaugural PELT award, told the gathering that the award was one of many management approaches aimed at solving the 65-year-old problem in Specified Entities.

“These tasks as entrusted by the President were and are to resolve a 65-year-old challenge of high indebtedness, losses, non-executions and collapses of state entities, since independence. The burden of solving such an old age problem demanded that we deploy political decisions different from the old ways to restructure state entities and realize the president’s vision of industrial growth, business growth and institutional growth to create a expanding the economy for job creation,” he said.

For him, state-owned enterprises contribute significantly to the gross domestic product (GDP) of the country and to the economy as a whole, therefore, if they stagnate, the economy will not achieve its full growth potential to contribute. to job creation.

SIGA’s Managing Director, Ambassador Edward Boateng, therefore expressed his delight over the award and the fact that it will generate healthy competition among the specified entities.

He explained that the award criteria are based on the key performance indicators negotiated and signed between the entities and SIGA.

There was a token performance contract signed by state entity CEOs amid performances by the Police Band, National Dance Ensemble and Ohemaa Mercy before twelve awards were handed out overnight.

Winners:

Best Inter-Commercial Company – Food and Drugs Authority (FDA)

Most Compliant Regulator – Environmental Protection Authority (EPA)

Most Compliant State Enterprise – Ghana Irrigation Authority

Most Innovative State Enterprise – Volta River Authority (VRA)

Most Efficient Regulator – Water Resources Commission (WRC)

Most Numerical Specified Entity – Driver Vehicle and Licensing Authority (DVLA)

Most Financially Viable Regulatory Agency – Food and Drugs Authority (FDA)

Most Innovative Regulator – Gaming Commission

Most Profitable State Enterprise – Food and Drugs Authority

Best Regular of the Year – Driver Vehicle and Licensing Authority (DVLA)

State Enterprise of the Year – Tema Development Corporation (TDC)

Overall Specified Entity of the Year – Tema Development Corporation (TDC)

Source: Josephine Acheampomaa/Peacefmonline.com

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