By Grace Q. Bryant
The Director-General of the Bureau of State-Owned Enterprises (BSE), Arthur Siaka Massaquoi, has raised concerns about the persistent level of non-compliance among State-Owned Enterprises (SOEs) in Liberia.
At the Ministry of Information, Culture & Tourism, Director Massaquoi briefing on Spetember 5, 2024, he highlighted those issues as symptomatic of broader structural problems within the sector and expressed the Bureau’s commitment to tackling them through a series of strategic reforms.
Massaquoi emphasized that strengthening the legal, regulatory, and governance frameworks for SOEs is central to the reform agenda.
“The current state of non-compliance among many SOEs speaks directly to some of the key challenges we are addressing through our reform initiatives,” he stated.
According to Director Massaquoi, the reforms aim to streamline operations and boost accountability by curbing inefficiency and eliminating waste in SOE management.
In line with these efforts, President Joseph Boakai issued a mandate this week directing the BSE and the National Governance Commission (NGC) to collaborate on formulating a comprehensive corporate governance policy.
The President’s directive, according to Massaquoi, underscores the government’s dedication to ensuring that the SOE sector becomes more transparent, efficient, and accountable.
Massaquoi further expressed his gratitude to President Boakai for his leadership and support, affirming that the reforms are in line with the government’s broader agenda.
The BSE’s focus, he noted, is on fostering an environment that enhances transparency and accountability across the sector.
“We have already begun consultations with the Governance Commission, and a joint technical committee has been established, signaling the start of collaborative efforts to draft the new corporate governance policy. The joint initiative will focus on harmonizing SOE performance standards and improving operational oversight across the sector,” said Director Massaquoi.
The legal expertise for the policy development process will come from both the BSE and the Governance Commission, with legal expert leading the technical team.
Massaquoi concluded by reaffirming the Bureau’s commitment to reforming the SOE’s sector and ensuring that it plays a pivotal role in advancing Liberia’s economic and developmental goals.
As the BSE embarks on this crucial reform journey, Massaquoi therefore calls on all stakeholders, including stakeholders, technical experts, and SOE management teams, to support the initiative for the effective implementation of the proposed strategic reforms.
He said he remains optimistic that these measures will strengthen governance and enhance contribution to national development in the sector.
