17 defunct public enterprises to be disposed of; some to be listed on stock exchange
The Ministry of Public Enterprises says it is planning of disposing of 17 defunct state-owned enterprises.
Some of these entities including the State Construction Company, Bonsa Tyre Factory, and Bolgatanga Meat Factory, among others.
According to the Ministry, a review of the companies revealed that the enterprises are liabilities to the country because they have been causing financial losses to the state.
“From our records, we have 17 defunct entities that government is taking steps to dispose of. The problem now is that the government is just incurring cost to take care of them while others are just vandalizing assets. This is a disturbing situation as far as our public enterprises’ portfolio is concerned”, Joseph Cudjoe, Minister for Public Enterprises said at a press conference on Wednesday.
The Minister stated that the Ministry also plans to list some of these enterprises on the stock markets to attract investors to revive them.
“They are just siphoning money from government’s purse, and they are just becoming liabilities rather than assets. They are some upon the review, we intend listing them on the stock market to get the investing public to have equity stakes in them. So, it’s like a cleanup of the portfolio so that we can those that are active to be invested to help them grow and generate jobs for the good people of Ghana”, he added.
Source: Ghana Business
