President John Dramani Mahama has issued a stern warning to chief executive officers of state-owned enterprises (SOEs), stating that failure to submit audited accounts and annual reports within the deadline set by the State Interests and Governance Authority (SIGA) could lead to their dismissal.
The President delivered the warning during a Diaspora Townhall Meeting with members of the Ghanaian community in London as part of his official visit to the United Kingdom.
His remarks underscore the government’s renewed commitment to strengthening accountability, improving corporate governance, and enhancing operational efficiency across public institutions.
According to President Mahama, investigations into the operations of several state-owned enterprises revealed alarming lapses in financial reporting, with some institutions failing to submit audited financial statements and annual reports for years.
He described the situation as unacceptable and inconsistent with the principles of transparency and responsible management of public resources.
“We found out that some state-owned enterprises had not presented annual reports or audited accounts for seven years. I mean, who runs an organisation like that for seven years without audited accounts and annual reports?” the President questioned.
Years of Missing Reports Raise Accountability Concerns
President Mahama said the absence of audited accounts and annual reports has significantly weakened oversight mechanisms and contributed to inefficiencies within some public institutions.
He noted that audited financial statements are critical tools for assessing institutional performance, identifying operational weaknesses, and ensuring that public funds are managed prudently.
Without reliable financial records, oversight bodies and government agencies are unable to accurately determine the financial health of state enterprises or implement corrective measures where necessary.
The President stressed that institutions entrusted with managing public resources must be held to the highest standards of accountability, adding that prolonged failure to comply with reporting requirements undermines public confidence and places unnecessary burdens on taxpayers.
He also warned that poorly managed state enterprises often accumulate liabilities that eventually become obligations of the state, affecting national finances and economic recovery efforts.
Audit Compliance Now Part of CEO Performance Assessment
In a move aimed at enforcing stricter governance standards, President Mahama announced that the submission of audited accounts and annual reports has been incorporated into the key performance indicators used to evaluate the performance of chief executives of state-owned enterprises.
The measure means compliance with SIGA’s reporting requirements will directly influence whether CEOs remain in office.
“So we have made the submission of audited accounts and annual reports part of their key performance indicators. I’ve told the CEOs that SIGA has set a deadline, I think by the middle of this year.
"If you have not presented your audited accounts and you have not presented your annual report, the road is your face, you go home.” - President Mahama
The President’s remarks leave little room for ambiguity, signaling a tougher approach to performance management within the public sector and a determination to address longstanding governance challenges.
Government Pushes Public Sector Reforms
The warning comes as the government intensifies efforts to improve fiscal discipline and restore confidence in public institutions.
State-owned enterprises play a crucial role in Ghana’s economy, operating in strategic sectors including energy, transport, finance, and infrastructure. Their effectiveness has direct implications for economic growth, service delivery, and public finances.
President Mahama said the government’s reform agenda seeks to ensure that SOEs become transparent, efficient, and financially sustainable institutions capable of contributing meaningfully to national development.
He expressed optimism that increased monitoring by SIGA and the introduction of clear performance benchmarks are already yielding positive results in some enterprises.
As the mid-year reporting deadline approaches, attention will turn to whether state enterprise leaders comply with the new requirements.
For the Mahama administration, the message is unmistakable: transparency, financial discipline, and timely reporting are no longer optional, and chief executives who fail to meet these obligations risk losing their positions.
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