From the outset state-owned enterprises (SOE) financial and economic performance generally failed to meet the expectations of their creators and funders. There were African SOEs that performed, at least for a time, adequately and sometimes very well, by the most stringent of standards (e.g., Ethiopian Airlines, the Kenya Tea Development Authority, Sierra Leone's Guma Valley Water Company). But the good performers were heavily outnumbered by the bad...
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The evolution of enterprise reform in Africa: fromm stat-owned enterprises to private participation in infrastructure - and back? (English). Energy Sector Management Assistance Programme (ESMAP) technical paper series ; no. 84 Washington, DC: World Bank. http://documents.worldbank.org/curated/en/413671468212706487