“The main keys to having a successful and profitable State-Owned Enterprise (SOE) sector must centre on transparency, accountability and meritocracy,” Business Leader and Brand Expert, Mr. Elorm K. Foli has said.
Mr. Foli, Chief Executive Officer (CEO) of E.K Brand Consult, who was speaking as a panel member at the 13th Ghana Economic Forum (GEF) in Accra on August 8, 2024, underscored the importance of SOEs in national development and said government entities are integral to the collective agenda of economic growth.
The panel, on the subtheme, “The future of State Owned Enterprises: Catalyst for National Development”, congregated a wealth of expertise from sectors including financial technology, accounting and finance, administration, and law, instilling confidence in the proposed strategies.
He, however, maintained that SOEs can only trigger positive impacts and thrive on accountability and meritocracy as the primary implementation strategies.
Given the current state of many SOEs, which are grappling with profitability, Mr. Foli urgently advocates for a shift in their operations.
He stressed the need for these entities to start exploring sustainable strategies to maintain their relevance, underlining the pressing need for change.
“I am of the opinion that there has to be a shift in SOE operations into the future as the government is at a disadvantage when it comes to managing these entities.
“The government has to probably focus more on financing incubator schemes to give young people opportunities,” he said, empowering the audience with a call to action for the future of SOEs.
He suggested that through privately financed incubator projects, the government can co-own and control shares to shore up revenue instead of solely relying on returns from SOEs.
Indeed, SOEs lose more than GH¢1 billion annually to various infractions, including mismanagement and cronyism.
However, Mr. Foli explained that these problems may persist if transparency and accountability are not prioritised with the proper management of these entities.
He, however, mentioned that some SOEs are doing their best to stay afloat and provide the critical solutions they are set up for.
The panel on SOEs comprised experts from KPMG, AB & David, the banking and fintech sectors, and others.
The panel espoused the importance of leadership, integrity, and corporate governance as key strategies for making SOEs work and move in the right direction.
The 13th Ghana Economic Forum on August 8, 2024 was on the broader theme, “Unlocking Opportunities: Re-Engineering Ghana’s Economic Model for Sustainable Development”.
Elorm K. Foli is a dynamic and innovative leader dedicated to harnessing the power of technology to support small and medium-sized enterprises (SMEs) in Ghana.
With a rich academic background and diverse professional experience, Elorm’s career is marked by a relentless pursuit of sustainable economic development through technological innovation and strategic leadership.
Elorm’s professional expertise covers tech, marketing and advertising. As the Communication Specialist for Nescafe in West Africa, he was exposed to the immense potential of African businesses if given the proper support.
Managing advertising and marketing efforts across 22 countries, he ensured that new packaging designs conformed to brand standards, further enhancing the products’ market presence.
