The National Commission for Privatisation is all set to implement a new State Owned Enterprise (SOE) mandate that is geared towards providing an enabling environment for the operations of SOEs within the framework of sound corporate governance structure.
At a one-day validation workshop held on Thursday 24th August 2023 at the New Brookfields Hotel, key stakeholders from various Ministries, Departments and Agencies (MDAs) made meaningful contributions in relation to the proposed Bill that will repeal the NCP Act of 2002.
While Delivering a statement on behalf of the Chairman and Commissioner of the National Commission for Privatisation (NCP) Dr. Prince Alex Harding, Executive Secretary of NCP Madam Safura B. Rogers informed the gathering that the Commission is well positioned to implement this new mandate after it would have gone through due processes.
She explained that NCP was established in 2002 by an Act of Parliament under the supervision of the Office of the President to act as a prudential shareholder on behalf of the Government of Sierra Leone for the divestiture and supervision of State Owned Enterprises, and as well be a prudential shareholder in reforming State Owned Enterprises.
She added that the Commission also has a post Privatisation mandate which is to guide privatized entities from reversibility.
She furthered that the new mandate will bring a new change to all aspect of the Commission but with the same focus of providing supervision and guidance of SOEs.
“The Commission is on the verge of developing a new document to ensure that Commission metamorphose into a proposed structure. This new bill when passed into an act will repeal the o NCP Act of 2022 and as will also cure the misconception of the about Privatisation”. She explained.
The Executive Secretary called on the Ministry of Finance to increase financial support to the Commission as the funds that are currently provided are not enough to ensure that the Commission executes its mandates.
“the mode of funding used by the Ministry of Finance to provide funds to the Commission needs to be changed, if not will adversely affect the implementation of this new mandate. The Commission is recommending that a certain percentage from Privatisation Proceeds be assigned to the Commission to enhance operation” she stressed.
In His Key note address Chief Minister of Sierra Leone Dr. David Sengeh said that one of the component of the big five is to ensure that State Owned Enterprises become effective and efficient in services they deliver to the people.
He stressed that State Owned Enterprises are critical for job creation and that they play an essential role to the success of the Big Five.
The Chief Minister described Heads of State Owned Enterprises as Chief Executive Officers (CEOs) which means that they must be efficient and result oriented.
“I think of you all as CEOs and if you all as CEOs can report a loss of Two Hundred Million Dollars all together I think you should resign because CEOs do not report losses” he stated
He encouraged stakeholders involved in the validation process to endeavor to do justice to the document with keen consideration that the new bill will have to serve the people of Sierra Leone.
The Chief Minister also crave on the indulgence of participants to be mindful of gender inclusion while handling the document in order to avoid exclusion.
