17 defunct public enterprises to be disposed of, others to be listed on stock exchange

Business & Financial

According to the Ministry of Public Enterprises, 17 closed state-owned businesses will be sold.

These organisations include, among others, the State Construction Company, the Bonsa Tyre Factory, and the Bolgatanga Meat Factory.

A review of the companies, according to the Ministry, showed that the businesses are liabilities to the nation because they have been costing the government money.

“From our records, we have 17 defunct entities that the government is taking steps to dispose of. The problem now is that the government is just incurring costs to take care of them while others are just vandalizing assets. This is a disturbing situation as far as our public enterprises’ portfolio is concerned”, Joseph Cudjoe, Minister for Public Enterprises said at a press conference on Wednesday.

The Minister stated that the Ministry also plans to list some of these enterprises on the stock markets to attract investors to revive them.

“They are just siphoning money from the government’s purse, and they are just becoming liabilities rather than assets. They are some upon the review, we intend to list them on the stock market to get the investing public to have equity stakes in them. So, it’s like a cleanup of the portfolio so that we can those that are active to be invested to help them grow and generate jobs for the good people of Ghana”, he added.