Consolidated Bank, Ghacem and others to be recommended for listing on Stock Exchange

Director-General of SIGA, Stephen Asamoah-Boateng.

• The SIGA will in the coming days recommend about 10 state-Owned enterprises to be listed on the Ghana Stock Exchange board

• Stephen Asamoah-Boateng the Director-General said, a proposal will be sent to the Ministry of Public Enterprises for consideration

• However, Government is aiming to revive viable SOEs whose operations have been hampered by debt

The State Interest and Governance Authority (SIGA) has stated that 10 State-Owned Enterprises will be listed on the Ghana Stock Exchange, as the government makes effort to attract private capital to improve operations in the country, according to a GBC online report.

According to the Director-General of SIGA, Stephen Asamoah-Boateng, measures are in place to explore opportunities to have a joint-ventureship to have an efficiency of performing SOEs.

“SIGA is exploring various strategies including divestiture, joint-ventureship among others to enhance the efficiency of performing SOEs and revive the struggling ones,” he said.

The Consolidated Bank Ghana which was formed out of seven dissolved banks in the financial sector crisis is part of the first batch of SOEs to be recommended for the listing.

The rest include cement producer Ghacem, Ghana Gas Company, Twifo Oil Palm Plantation, TDC Development Company, Ghana Rubber Products among others.

Mr Boateng said SIGA will in the coming days, submit a proposal to the Ministry of Public Enterprises to be forwarded to Cabinet for approval.

“Indigenous investors interested in ownership of SOEs should make funds available,” he noted.

Meanwhile, President Nana Addo Dankwa Akufo-Addo’s government is aiming to revive viable SOEs whose operations have been hampered by debt, lack of financing and poor corporate governance practices.

However, the Public Enterprises Minister Joseph Cudjoe in an interview with GBC News monitored by GhanaWeb said the productivity of SOEs will be ensured.

“We seek to leverage on the capital market to improve the productivity of SOE’s and create jobs while safeguarding the state’s investment,” he said.