The Ministry of Finance, through the Fiscal Risk Division, engaged the State-Owned Enterprises (SOEs) on Thursday, 7 August 2025, on the use of a new standardised monitoring tool that will assist the Ministry in overseeing planning, reporting, and evaluating their strategic objectives to ensure fiscal responsibility.
In a statement on behalf of the Minister of Finance, Deputy Secretary Majid Sesay welcomed participants, stating that the exercise is not just another item on the administrative calendar, but a significant step in strengthening the national governance architecture, enhancing accountability, and securing the long-term value of State-Owned Enterprises (SOEs).
He noted that the Ministry of Finance bears the responsibility for ensuring prudent fiscal management across all public institutions, including a clear, consistent, and transparent oversight of SOEs’ service delivery and economic development in Sierra Leone.
Sesay added that, from energy and transportation to financial services and industrial development, SOEs are not just economic units, they are also instruments of public value creation.
He added that the Ministry of Finance will collaborate with the National Commission for Privatisation, line ministries, and other designated entities in the government’s ownership and oversight functions in SOEs.
He emphasised that performance reporting is not a compliance formality; it’s the basis for engagement.
The monthly, quarterly, and annual reports from SOEs will determine the agenda and tone of the dialogue, and these reports must be timely, accurate, and insightful.
The Acting Director of Fiscal Risk, Alhaji Bangura, stated that the document is to monitor and evaluate the progress of the SOE’s financial status in terms of profitability and losses, which will further inform the budgetary planning and execution.
In a PowerPoint presentation, Catherine, Esther and Aaron Pratt Senior Economists explained the framework covers Principles for Setting SOEs Planning and Performance, SOE Mandate and Scope, Governance, Performance Expectation, Purpose and Strategic Objectives, Risk Management, Reporting and Accountability, Funding and Capitalization, Social and Environmental Responsibilities, Performance Indicators, Non Performance Indicators, Determining Performance Targets, SOE Business Plan Budget, Finalization of SOE Plan, SOE Report Overview, Sectoral Analysis by SOEs, Annual Report, Quarterly Report, Monthly Report, SOE Monitoring and Evaluation Performance, to mention some.
Credit: MOF Communication
