Home Governance To Ensure Compliance, Efficiency And Transparency: BSE Executes Its Statutory Mandate

To Ensure Compliance, Efficiency And Transparency: BSE Executes Its Statutory Mandate

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…Says Director General, Arthur Massaquoi

By: T.R. Dixon

MONROVIA: The Director General of the Bureau of State Enterprises (BSE), Mr. Arthur Massaquoi, has disclosed that despite some difficulties, the BSE continues to make concerted efforts to execute its statutory mandate to ensure an efficient and effective state enterprise sector in the country.

He said, after the Liberian civil war, the BSE became operationally invisible in the governance structure of the country until 2021 when it was restored to its statutory role.

According to the BSE Boss, since the partial restoration from its operational dormancy, the BSE has had considerable challenges in establishing itself as an influential oversight and regulatory body over SOEs due to the lack of the required technical capacity and political will.

“The Bureau of State Enterprises is the statutory agency of the government that was established in 1985 with the core statutory functions of providing oversight of the state enterprise sector, providing professional advice to the government concerning state own enterprises (SOEs), regulating SOES, and providing strategic leadership for the sector,” he said.

He pointed out that, the SOE Sector has the potential to contribute hugely to the national growth and development of Liberia when managed effectively and efficiently.

He stressed that, the BSE’s long-term goal is to optimize the contributions of the SOE Sector to the national development agenda of Liberia through strong revenue mobilization and revenue management across the sector.

Director General Massaquoi stated that the institution is responsible for providing professional advice to the government concerning regulating State Owned Enterprises (SOEs) and providing strategic leadership for the sector.

He noted that, since the institutions gain partial restoration from its operational dormancy, the BSE has had considerable challenges in establishing itself as an influential oversight and regulatory body over state own enterprise (SOEs).

He made the statement on Tuesday May 28, 2024, at a one-day workshop held at a local hotel in Monrovia, under the theme: “Improving governance involves establishing clear accountability, transparency, and oversight mechanisms for the State-Owned Enterprise (SOEs).”

Earlier, Dr. Augustine Konneh, senior Advisor to Liberian Leader, Joseph N. Boakai, has said that the Bureau of State Enterprises (BSE) established during the military era by a Decree needs to be transformed into an Act of the Legislature to grant it adequate monitoring and evaluation authority over the SOEs.

He said as a result, many of the current State-owned enterprises (SOEs ) operate independently and are not effectively overseen by the BSE.

According to him, they include the Rural Renewable Electricity Agency (RREA), the National Transit Authority (NTA), the Center for National Documents, Records, Archives (CNDRA).

He also named the National Social Security and Welfare Corporation (NASCORP), Liberia Petroleum Refining Company (LPRC), Liberia Agriculture Commodities Regulatory Authority (LACRA), National Fisheries and Aquaculture Authority (NAFAA), and National Port Authority (NPA).

He said, a comprehensive assessment of these SOEs is necessary to evaluate their current state and identify their strengths, weaknesses, and areas for improvement.

He used the occasion to convey warm greetings from the President of Liberia, Joseph Nyuma Boakal, Sr. for the kind invitation but he was unable to attend the very important program due to pressing national responsibilities.

He told the gathering that, the President has requested him to extend his congratulations for organizing the significant workshop and to share his supportive remarks.

He also expressed gratitude to the World Bank and our other partners for their unwavering support in our economic development projects in Liberia.

Speaking further, he said, the journey towards sustainable state-owned enterprises (SOEs) in Liberia requires several crucial steps to promote economic growth, efficiency, and accountability.

He stressed that when these steps are followed, Liberia can pave the way for sustainable SOES.

“To begin, it is essential to address the primary issue with Liberia SOES, which is the lack of regulatory and supervisory authority by the Bureau of State Enterprises (BSE) over the SOEs as required by law,” he said.

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