All Specified Entities (SOEs) are required by President Nana Addo Dankwa Akufo-Addo to submit their management accounts to the Controller and Accountant General’s Department by February 28th, 2023.
With only 54% of these entities submitting their financial statements for consolidation into the national accounts in the first quarter of 2022, the President has raised worry over the lateness and non-submission of SOEs’ financial statements.
On Friday, the President spoke about it at the State Interests and Governance Authority’s (SIGA’s) annual stakeholder meeting in Kwahu-Nkwatia, Eastern Region.
He claimed that the job of the Controller and Accountant General in presenting a thorough picture of Ghana’s public finances is undermined by the SOEs’ tardy submission of financial statements.
“I wish to reiterate strongly that by 28th February this year, all management accounts should be submitted to the Controller and Accountant General’s Department,” President Akufo-Addo said.
“The more we consolidate the national accounts with additional SOEs, the wider the national assets and fiscal space become.”
In order to make it easier to include all SOEs’ financial statements in the creation of the national accounts, the President also instructed all SOEs to submit to SIGA’s performance contract process.
The 175 Specified Entities that SIGA now oversees are all required by law to submit their management accounts by February 28 in order for the Auditor General to submit audited accounts to Parliament by April 30.
In order to decrease instances of violations during the ongoing 2022 audit process, President Akufo-Addo underlined the significance of SOEs working together with their internal auditors in the creation of their management accounts.
He pointed out that it is untenable for SOEs to possess almost half of the nation’s national assets while making less contributions to the GDP (GDP).
“Jumpstarting our economy begins with you. You should be the major drivers of Ghana’s economy rather than being a financial burden,” President Akufo-Addo said.
“Excuses for non-performance should no longer be tolerated. SOEs must own up to their responsibilities and take centre stage in the country’s development.”
In order to discuss strategic initiatives aimed at transforming the Specified Entities into high-performing organizations and ensuring they fulfill the President’s vision of contributing 30% to Ghana’s Gross Domestic Product, the 2023 Stakeholder Meeting of SIGA brought together Board Chairs, CEOs of Specified Entities, and other pertinent stakeholders.
A Time to Reflect and Rebuild was the theme of the two-day conference, which was organized in compliance with Section 30 of the SIGA Act 2019 (Act 990).