In a bid to streamline financial accountability, President Nana Addo Dankwa Akufo-Addo has issued a mandate requiring all state-owned enterprises (SOEs) to furnish their audited financial statements for the year 2023 by May 2024. Non-compliance with this directive will incur sanctions for the errant entities.
The president articulated this imperative during the 2024 annual policy and governance forum of state-owned enterprises, underscoring his unwavering dedication to enforcing compliance.
This forum serves as a platform to evaluate the performance of all SOEs in the preceding year, vital for supporting the government’s initiatives and fulfilling its obligations.
President Akufo-Addo, while unveiling a policy on corporate governance, urged SOEs to meet the submission deadline by May 15th, emphasizing its critical role in maintaining favorable financing terms with the World Bank.
The enactment of the Public Finance Management Act mandates the timely submission of audited financial statements by specific entities by April’s end each year. The president’s directive aims to rectify past delays and elevate the performance standards of SOEs.
Highlighting the repercussions of non-compliance, President Akufo-Addo stressed the adverse impact on financing agreements with the World Bank. He underscored the persistent delays in publishing SOE financial statements, signaling a need for immediate action.
Acting Director-General of the State Interests and Governance Authority (SIGA), John Boadu, expressed confidence that the new policy would fortify corporate governance and diminish reliance on government support. Boadu affirmed SIGA’s vigilant oversight, ensuring strict adherence to the president’s directive and swift actions against violators.
