Angolan government to restructure public business sector

1 November 2012

Angola’s Economy Ministry plans, As soon as possible, to start restructuring the public business sector, via the Institute for the Public Business Sector (SEP), the economy Minister, Abraão Gourgel, said Tuesday in Luanda.

Speaking Tuesday at a ceremony to approve the annual reports and accounts of 15 public sector companies, the Economy Minister called for approval of a new legislative package for the public business sector, to ensure transparency of public accounts and optimise financial support provided by the State.

The minister also called for activities to restructure the public sector, support for development of human resources, reducing the size of the sector, improving economic and financial performance and greater commitment from managers to improving the quality of the financial reporting process.

Gourgel said that Angolan public companies that did not present their accounts for the 2011 financial year may face sanctions on funding provided by the government.

Cited by Angolan news agency Angop the minister said that the move was a result of the government’s wish to improve transparency in public governance and implement good management and governance practices.

“Many state companies are accumulating problems that are difficult to solve, specifically in terms of their legal and regulatory situation, the solution for which may require complex institutional changes and changes to current legislation,” he said.

The minister recognised that there was still some difficulty organising reliable records and accountants, as well as in the financial management of some companies, which make it almost impossible for public sector to draw up consolidated accounts. (macauhub)