The Head of World Bank delegation Madam Tracey Lane paid a follow-up visit to the BSE yesterday, following a recent workshop focused on improving the governance of State-Owned Enterprises (SOEs) and reducing fiscal risks. The workshop, held at the Mamba Point Hotel in Monrovia, marked a significant step towards enhancing the transparency and accountability of Liberia’s SOEs.
Madam Tracey Lane, the Practice Manager for Governance Global Practice of West and Central Africa, led the World Bank delegation.
She met with Hon. Arthur Siaka Massaquoi Sr, Director General of the Bureau of State Enterprises (BSE), and Roosevelt K. Forh, Deputy Director General for Operations.
Madam Lane expressed her satisfaction with the BSE’s progress, particularly in drafting the Corporate Governance Code and preparing for the State Enterprises and Interest Governance Authority Act (SEIGA Act). This Act, set to repeal the BSE Decree No. 8 of 1985, is anticipated to fortify the legal and regulatory framework governing SOEs.
“The SEIGA Act will be pivotal in strengthening transparency and accountability in Liberia’s SOEs,” Madam Lane stated. “It will ensure a robust corporate governance system that enhances the performance and governance of these enterprises.”
Madam Lane reaffirmed the World Bank’s commitment to supporting the BSE in making these legal instruments fully functional. She noted the importance of an effective legal framework in fostering good governance and fiscal responsibility.
In a response, Mr. Arthur S. Massaquoi expressed deep gratitude to the World Bank for its unwavering support, particularly during the ARREST agenda, which prioritizes accountability and transparency. He acknowledged the challenges faced by the BSE but highlighted ongoing efforts to fortify the institution. He emphasized that the enactment of the SEIGA Act, now nearing completion, would grant the BSE the legal authority needed to enforce its regulations effectively.
“With the support of the executive branch, the judiciary, the legislature, and the Ministry of Finance and Development Planning, we are poised to achieve significant milestones in SOE governance,” Mr.Massaquoi stated.
He also thanked President Joseph Nyuma Boakai Sr for his dedication to restoring integrity and accountability in Liberia’s governance structure, vowing to uphold these principles.
In a related development, Hon. Roosevelt K. Forh accompanied Madam Tracey Lane and her colleagues on a tour of the BSE to assess its operations and progress firsthand.
This visit underscores the collaborative efforts between the World Bank and Liberia in promoting good governance and economic stability.
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