The Head of World Bank delegation, Tracey Lane, has paid a follow-up visit to the Bureau of State Enterprises (BSE), Thursday, following a recent workshop focused on improving the governance of State-Owned Enterprises (SOEs) and reducing fiscal risks.
The workshop, held in Monrovia, marked a significant step towards enhancing the transparency and accountability of Liberia’s SOEs.
Madam Lane, the Practice Manager for Governance Global Practice of West and Central Africa, led the World Bank delegation and met with the Director General of the Bureau, Arthur Siaka Massaquoi and the Deputy Director General for Operations, Roosevelt Forh.
Madam Lane expressed her satisfaction with the BSE’s progress, particularly in drafting the Corporate Governance Code and preparing for the State Enterprises and Interest Governance Authority Act (SEIGA Act).
This Act, sets to repeal the BSE Decree No. 8 of 1985, which is anticipated to fortify the legal and regulatory framework governing SOEs.
He stated, “The SEIGA Act will be pivotal in strengthening transparency and accountability in Liberia’s SOEs,” Madam Lane stated. “It will ensure a robust corporate governance system that enhances the performance and governance of these enterprises.”
Madam Lane reaffirmed the World Bank’s commitment to supporting the BSE in making these legal instruments fully functional and noted the importance of an effective legal framework in fostering good governance and fiscal responsibility.
Mr. Massaquoi expressed deep gratitude to the World Bank for its unwavering support, particularly during the ARREST agenda, which prioritizes accountability and transparency.
He acknowledged the challenges faced by the BSE but highlighted ongoing efforts to fortify the institution, emphasizing that the enactment of the SEIGA Act, now nearing completion, would grant the BSE the legal authority needed to enforce its regulations effectively.
“With the support of the Executive Branch, the Judiciary, the Legislature, and the Ministry of Finance and Development Planning, we are poised to achieve significant milestones in SOE governance,” Massaquoi stated.
He also thanked President Joseph Boakai for his dedication to restoring integrity and accountability in Liberia’s governance structure, vowing to uphold these principles.
In a related development, Forh accompanied Madam Lane and her colleagues on a tour of the BSE to assess its operations and progress firsthand and this visit underscores the collaborative efforts between the World Bank and Liberia in promoting good governance and economic stability.
