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BSE releases annual aggregate performance report on SOEs

BSE is responsible for providing professional advice to the government concerning regulating SOEs and providing strategic leadership for the sector.

By Lewis S. Teh

Monrovia, May 29, 2024: The Bureau of State-owned Enterprises (BSE) has released its annual aggregate performance report on various State-Owned Enterprises (SOEs) nationwide.

The BSE, the annual aggregate performance report, tracks the performance of SOEs receiving government budgetary allocations.

At the start of a dialogue on Tuesday, 28 May 2024, in Monrovia, BSE Director-General Arthur S. Massaquoi said the institution is the statutory agency of the government established in the mid-80s.

He explained that BSE’s core statutory functions include providing oversight of the state enterprise sector.

Mr. Massaquoi stated that the institution is responsible for providing professional advice to the government concerning regulating SOEs and providing strategic leadership for the sector.

Since the institution’s partial restoration from its operational dormancy, Massaquoi noted that BSE has had considerable challenges in establishing itself as an influential oversight and regulator body over SOEs.

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He says this is due to the lack of the required technical capacity and political will.

Mr. Massaquoi stated that the report covers the activities of the eighteen state-owned entities currently covered by the BSE.

Further, he said the report provides a comprehensive analysis of their operations and financial activities individually and collectively in line with their statutory responsibilities.

Mr. Massaquoi explained that this has led to the limited coverage of the state enterprise sector and difficulties.

Despite the challenges, he added that the BSE continues to make concerted efforts to execute its statutory mandate to ensure an efficient and effective state enterprise sector.

“The SOE sector has the potential to contribute hugely to the national growth and development of Liberia when managed effectively and efficiently,” he said.

Regarding the BSE’s long-term goal, he explained that it is to optimize the SOEs’ contribution to Liberia’s national development agenda through strong revenue mobilization and revenue management across the sector.

Dr. Augustine Konneh represented President Joseph Nyumah Boakai at the program.

The Senior Advisor to the President noted that the journey toward sustainable SOEs in Liberia requires several crucial steps to promote economic growth, efficiency, and accountability.

Dr. Konneh said it’s essential to address the primary issues with Liberia’s SOEs, citing the BSE’s lack of regulatory and supervisory authority over them as required by law.

He said the SOEs need to be integrated into the national development plan and disclosed that it is under preparation.

“Improving governance involves establishing clear accountability, transparency, and oversight mechanisms for the SOEs,” said Dr. Konneh.

“As a government, we advocate for public-private partnership to foster competition and encourage private sector participation in order to drive efficiency,” he continued.

Participants at the dialogue, in separate remarks, extended appreciation to BSE for the educative initiative undertaken by the entity.

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