President Nana Addo Dankwa Akufo-Addo has directed all state-owned enterprises (SOEs) to submit their audited financial statements for the year 2023 by May 2024, with non-compliance facing sanctions.
During the 2024 annual policy and governance forum of state-owned enterprises, President Akufo-Addo emphasized the importance of adhering to this directive to support government mandates. He highlighted that failure to meet the deadline could impact financing arrangements with the World Bank.
The president's directive addresses delays in financial reporting, as mandated by the Public Finance Management Act, with past reports suffering from delays. He urged SOEs to comply fully with submission requirements from the State Interests and Governance Authority (SIGA).
John Boadu, Acting Director-General of SIGA, expressed confidence that the new policy would enhance corporate governance and reduce dependence on the government. SIGA will closely monitor compliance and take necessary actions against non-compliant entities.
