Liberia: President Boakai Urges Regulation and Oversight of State-Owned Enterprises

 

President Joseph N. Boakai Sr. has reiterated his commitment to regulating and capping the salaries and benefits of executives and board members of State-Owned Enterprises (SOEs).

The President emphasized the need for compensations to be in line with the economic realities of the country, signaling a significant step towards ensuring probity, the judicious use of public resources, transparency, and accountability within the public sector.

President Boakai spoke when he received a comprehensive report from the Bureau of State Enterprises (BSE), which outlined the outcomes of a thorough review of remunerations, stipends, and operational inefficiencies across various state-owned enterprises.

The report brought to light the lack of coordination between SOE Boards and management, prompting a call for the development of a regulatory framework to govern the SOE sector.

Expressing his appreciation for the diligent work of the BSE, President Boakai thanked Managing Director Arthur Massaquoi for the insightful report.

He recognized and empathized with the legitimate concerns of Liberians regarding financial mismanagement inefficiencies and waste within SOEs, signaling a proactive approach to addressing these issues.

The Liberian Leader urged the BSE Management and the Governance Commission to collaborate in formulating a comprehensive Corporate Governance Policy that would address the existing gaps and bypasses in the sector and harmonize operations.

This call to action reflects the Government’s commitment to driving sector-wide reform, ensuring efficiency, and fostering an environment of accountable governance within state-owned enterprises.

President Boakai noted that his Administration’s stance on the need for oversight and regulation of state-owned enterprises underscores his dedication to promoting transparency, efficiency, and responsible management of public resources.

Distributed by APO Group on behalf of Republic of Liberia: Executive Mansion.