By Elbie Sebleh
MONROVIA: In a significant move towards enhancing governance and financial oversight in Liberia, Director General Arthur Massaquoi of the Business Sector Advocacy Challenge Fund (BUSAC), has called for increased transparency and accountability in State-Owned Enterprises (SOEs).
DG Massaquoi highlights the importance of governance and oversight in the SOE sector, reflecting the ongoing efforts to ensure transparency and accountability in managing the entities.
The call of the BUSAC Boss comes in response to the Business Sector Enabling Environment (BSE) initiative, aiming to strengthen the regulatory frameworks governing SOEs to ensure efficient management and sustainable operations.
Addressing the Ministry of Information, Cultural Affairs and Tourism (MICAT) press briefing on Thursday, September 5,2024, Director Massaquoi said the BSE’s recent push for transparency within SOEs is a request for comprehensive data from these entities, including debt profiles and budget proposals.
According to him, the data will be crucial in analyzing the financial health of SOEs and supporting the development of the 2025 budget annex for the sector in collaboration with the Ministry of Finance and Development Planning (MFDP).
He added that amidst growing public scrutiny regarding management compensation within SOEs, the Office of the President has tasked the BSE with conducting a thorough review of these compensations to ensure adherence to established guidelines.
While challenges persist, including some SOEs’ non-compliance with the review process, this initiative underscores the BSE’s commitment to fostering good governance practices and accountability within Liberia’s business sector.
