President Nana Addo Dankwa Akufo-Addo has issued a directive for all Specified Entities (SOEs) to submit their management accounts to the Controller and Accountant General’s Department by February 28th, 2023.
This is due to the President’s concern over the tardiness and non-submission of financial statements by SOEs during the first quarter of 2022, with only 54% of these entities having submitted their statements for consolidation into the national accounts.
President Nana Addo Dankwa Akufo-Addo, during the Annual Stakeholder Meeting of the State Interests and Governance Authority (SIGA), has emphasized the importance of timely submission of financial statements by Specified Entities (SOEs). He expressed his disappointment over the late and non-submission of these statements in the first quarter of 2022, with only 54% of the entities providing them.
The President emphasized that the delay in submitting financial statements by SOEs hinders the work of the Controller and Accountant General in providing a comprehensive view of the public finances of Ghana. He stated that by February 28th, 2023, all management accounts must be submitted to the Controller and Accountant General’s Department.
President Akufo-Addo noted that by consolidating the national accounts with additional SOEs, the national assets and fiscal space will become wider. He reiterates that all SOEs should submit their management accounts to the Controller and Accountant General’s Department by the end of February, 2023.
The President also directed all SOEs to submit to SIGA’s performance contract process to facilitate the inclusion of their financial statements in the preparation of the national accounts.
The President emphasized the importance of the Specified Entities (SOEs) participating in SIGA’s performance contract process, to ensure the inclusion of their financial statements in the preparation of the national accounts.
President Akufo-Addo emphasized the need for all Specified Entities to adhere to the specified deadline for submitting their management accounts to the Controller and Accountant General’s Department by February 28th, 2023.
The State Interests and Governance Authority (SIGA) oversees the supervision of 175 Specified Entities, with the aim of ensuring the submission of these financial statements for consolidation into the national accounts. This process is essential for the Auditor General to present audited accounts to Parliament by April 30th
President Akufo-Addo touched upon the crucial role of SOEs in the nation’s economy, highlighting the importance of their collaboration with internal auditors to avoid any infractions during the 2022 audit process. He pointed out that with the significant control SOEs have over half of the country’s national assets, it is imperative for them to contribute more to Ghana’s Gross Domestic Product (GDP).
“You have the potential to be the key drivers of our economy and not a hindrance. Let us not tolerate any excuses for underperformance. It’s time for SOEs to take charge and play a leading role in the development of our nation,” stated the President.
The 2023 Stakeholder Meeting of SIGA brought together influential players, including the Board Chairs, CEOs of Specified Entities, and other stakeholders to explore ways of elevating the performance of Specified Entities and aligning their efforts towards the President’s vision of contributing 30% to the GDP.
The theme of the two-day conference, held in accordance with Section 30 of the SIGA Act 2019, was “A Time to Reflect and Rebuild.” It aimed to reflect on past challenges and strategize towards a brighter future for Specified Entities