President Cyril Ramaphosa recently emphasized the importance of implementing reforms to strengthen the functioning of State Owned Enterprises (SOEs) in South Africa.
In a meeting with chairpersons and chief executives of SOEs, President Ramaphosa stated that these reforms are crucial for the economic recovery of the country and for ensuring that SOEs can adapt to industry developments and changing global trends.
The meeting, which aimed to discuss measures to stabilize the financial and operational performance of SOEs, also focused on harnessing their economic potential.
The government has been actively working to address the legacy of state capture in SOEs since 2018, through initiatives such as the appointment of capable leadership, recovering stolen assets, and pursuing those responsible for corruption.
Operation Vulindlela, a key part of the reform agenda, is facilitating fundamental changes in the energy, logistics, and water sectors. These reforms aim to tackle structural challenges and reposition SOEs for the future. President Ramaphosa stressed the importance of these entities in driving inclusive growth, investing in infrastructure, and creating employment opportunities.
President @CyrilRamaphosa is meeting with Board Chairpersons and CEOs of State Owned Entities to discuss reforms of SOEs.
The Presidential State Owned Enterprises Council presented a report during the meeting, which provided in-depth analyses of 21 SOEs to inform its recommendations. The council proposed changes to the governance framework and shareholder ownership model to enhance oversight and separate the ownership, policy, and regulatory functions of the state. Leveraging the combined balance sheet of SOEs is also being considered as a strategy to strengthen their impact.
The National Treasury presented an update on its review of the procurement system of SOEs, aiming to implement the recommendations of the Commission of Inquiry into State Capture. This review seeks to strike a balance between preventing corruption and abuse while allowing innovation, agility, and responsiveness in procurement.
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