The Bureau of State Enterprises (BSE) has announced the implementation of a comprehensive corporate governance framework, aimed at revitalizing the performance of state-owned enterprises (SOEs) in Liberia.
The initiative, spearheaded by the leadership of the BSE, introduces performance metrics as key indicators essential for eliminating inefficiencies, reducing financial leakages, and mitigating fiscal risks within the sector.
The BSE Director General, Arthur Massaquoi, outlined the strategic objectives of the new governance framework and emphasized that the introduction of performance metrics will provide a clear roadmap for evaluating the effectiveness of all SOES across the government.
The initiative will also ensure accountability and foster a culture of transparency, thus creating a more efficient and accountable state enterprise sector that can contribute significantly to the national economy.
DG Massaquoi made the assertion over the weekend at the BSE high-level stakeholder dialogue with State-Owned Enterprises (SOEs), to enhance the operational efficiency and accountability of all the government’s SOES.
The event, which brought together participants from across all government SOES, as they received detailed presentations on BSE’s role in government operations, key statutory obligations of SOES, and challenges with financial planning and reporting.
The gathering, which took place in Gompa, Nimba County, from Wednesday, May 7-10, was held under the theme: “Governance and Domestic Resource Mobilization”, as part of the Government’s effort to address inefficiency and ineffectiveness in SOES.
It was also intended to improve the contributions of SOES to domestic resource mobilization, with emphasis on SOES’ compliance with the requirements of the Restated Public Financial Management (PFM) Act of 2019, and mitigating potential risks associated with noncompliance of the participating SOES.
Massaquoi recounted that his appointment at the entity marked the beginning of a new chapter, one centered on revitalizing the operational effectiveness of SOES and infusing the sector with a modern outlook rooted in transparency, accountability, and results-driven governance.
“When we assumed leadership, the BSE had long been characterized by administrative dormancy, largely due to a lack of political will.
Today, I am proud to declare that this narrative has changed because, under this current administration, the Bureau has been empowered by strong political backing, which has served as the driving force behind the progress we are now witnessing in the sector,” he narrated.
According to him, since assuming management of the Bureau, his team has conducted a comprehensive review of board fees and related benefits, which a detailed report of their findings has since been submitted to President Joseph Boakai’s office.
He intoned, “To date, we are also implementing a robust corporate governance framework that introduces performance metrics as key indicators.
This initiative is essential to eliminating inefficiencies, reducing leakages, and mitigating fiscal risks.”
He revealed, “It is also equally worth noting that the BSE is now eligible for the European Union Budget Support Program, aimed at boosting SOE performance and enhancing government revenue generation.”
“When this administration took office, the BSE had oversight over eighteen SOES. As of today, we have expanded that number to 27, and we are optimistic that this number will continue to grow shortly, and today marks yet another significant milestone.
And so, the BSE remains steadfast in its commitment to collaborating with SOE leaders, board members, and development partners to ensure the sector continues to thrive, grounded in the values of good governance,” DG Massaquoi added.
During the dialogue, Nimba County Superintendent Kou Meapeh Gono, served as a proxy for President Joseph Boakai.
She welcomed and thanked the team for choosing Nimba as the destination for the hosting of the dialogue, which she described as ‘timely and essential.’
According to her, such a dialogue is key for the government because it is designed to bolster the performance of SOES and enhance government’s revenue generation through targeted financial assistance and capacity-building initiatives.
She maintained that the event will open up new avenues for funding and technical support that will be instrumental in the government’s efforts to improve governance and operational efficiency.
Superintendent Gono added, “Again, this gathering is a game-changer for our state enterprises because by holding them accountable and setting clear performance expectations, we can expect to see a significant reduction in waste and an increase in revenue generation.”
