President Nana Addo Dankwa Akufo-Addo has issued a directive compelling all state-owned enterprises (SOEs) to furnish their audited financial statements for the year 2023 no later than May 2024. 

Non-compliance with this directive will lead to sanctions for the non-adherent entities, the president announced during the 2024 annual policy and governance forum of state-owned enterprises.

Emphasising his commitment to enforcing the directive, President Akufo-Addo underscored the importance of timely submission, stating that failure to adhere would have adverse effects on financing arrangements with international partners such as the World Bank.

Speaking at the launch of a policy on corporate governance, President Akufo-Addo urged all SOEs to ensure the submission of their audited accounts by the 15th of May this year. He emphasised that delays in compliance have hindered progress, citing instances where audited statements were published significantly late, impacting the government's financial engagements.

"The 2021 SOE was published in January 2024, this year. The 2022 SOE is now at the final stage of completion. We should not tolerate these delays any further," President Akufo-Addo remarked, stressing the urgency for adherence to submission deadlines outlined in the Public Finance Management Act.

The Acting Director-General of the State Interests and Governance Authority (SIGA), John Boadu, expressed optimism about the potential of the new policy to bolster corporate governance within SOEs and reduce reliance on government support. He assured that SIGA would closely monitor compliance with the president's directive and take appropriate actions against entities failing to meet the deadline.

"The preparation and publication of SOEs have always suffered delays due to a litany of constraints. Key among them is non-compliance for public entities to the submission of financial statements," President Akufo-Addo reiterated, emphasizing the need for all board chairs, entities, and management teams to fully comply with SIGA's submission requirements.