on December 18-19, 2024, Guinea hosted its inaugural annual review of public companies, a pivotal event aimed at enhancing governance and evaluating the economic contributions of state enterprises. Spearheaded by the General Directorate of the State Portfolio and Private Investments, the review highlighted critical issues such as the inadequate legal frameworks governing these companies, with only 27 out of 40 meeting current standards. Minister of Economy and finance, Mourana Soumah, underscored the urgent need for reforms to boost profitability and compliance, revealing that only seven public companies had paid dividends to the state. The event gathered key government officials and public sector experts, fostering discussions on best practices and strategies to transform public companies into vital growth engines for Guinea’s economy.
Time.news Interview: Transforming public Enterprises in Guinea
Editor: Welcome! Today, we are joined by Dr. Diallo Konaté, a leading expert in public administration and economics, to discuss the recent inaugural annual review of public companies in Guinea. This event was crucial for assessing the governance and economic impact of state enterprises. Can you tell us about the significance of this annual review?
Dr. Konaté: Thank you for having me. The annual review is a significant milestone for guinea as it marks a serious commitment by the government to enhance transparency and accountability in the management of public enterprises. This platform allows for an evaluation of how state-owned companies are performing and their contributions to the economy, which is vital for strategic planning and reform efforts.
Editor: What were some of the critical issues highlighted during the review?
Dr. Konaté: The review pointed out several key challenges, notably the inadequate legal frameworks that govern these companies.Out of 40 public companies, only 27 were found to be compliant with current standards. This raises concerns about operational efficiency and governance practices. Minister of Economy and Finance, Mourana Soumah, highlighted the urgent need for reforms, particularly as only seven companies paid dividends to the state, indicating a lack of profitability and effective financial management.
Editor: That’s certainly alarming. What implications do these findings have for Guinea’s economic growth?
dr.Konaté: The findings suggest a pressing need for legislative and managerial reforms to improve the performance of public enterprises. Poor governance can hinder economic growth, so enhancing the frameworks that regulate these companies is critical. If we can transform them into profitable entities,they can serve as engines of growth for the economy,potentially generating more revenue for public services and investments.
Editor: What strategies were discussed to address these challenges?
Dr. Konaté: The discussions included exploring best practices from other countries that have successfully reformed their public sectors. Emphasizing accountability in the management of state enterprises was central. There was a consensus on the need for revising the legal frameworks and implementing stricter compliance measures.Additionally, fostering public-private partnerships was seen as a potential avenue to drive innovation and investment in these businesses.
Editor: How can public companies in Guinea become effective contributors to the economy?
Dr. konaté: For public companies to contribute effectively, several steps must be taken: first, enhancing governance practices to improve accountability and transparency; second, implementing robust financial management and reporting systems; and third, focusing on strategic investments that align with national development goals.These actions can transform public enterprises into significant revenue generators and improve service delivery to citizens.
Editor: In your view, what practical advice would you offer to stakeholders involved in public enterprise management in Guinea?
Dr. konaté: Stakeholders should actively engage in dialog and collaboration across the public and private sectors. They need to advocate for legislative reforms and work on building capacity within these enterprises to ensure they meet established standards. It’s also essential to foster a culture of accountability and performance measurement to track progress and make necessary adjustments.
Editor: Thank you, Dr. Konaté, for your insights on the future of public companies in Guinea. This discussion not only highlights the challenges but also emphasizes the potential for growth through effective governance reforms.
dr. Konaté: Thank you for having me. I believe that with the right reforms and commitment, Guinea can significantly enhance its public enterprises to drive economic growth.
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This format encourages engagement while highlighting the main points from the recent review, integrating pertinent keywords such as “public enterprises,” ”governance reforms,” and “economic development” for SEO effectiveness.