The Vice-President, H.E. Dr. Mahamudu Bawumia, has hinted that the government will begin sanctioning state-owned enterprises that fail to meet financial reporting deadlines in accordance with applicable laws.
Speaking at the first ever Public Enterprises League Table (PELT) Awards organised by the Ministry of Public Enterprises in partnership with the State Interest and Governance Authority (SIGA) and the Ministry of Finance, Dr. Bawumia noted that over the years there has been significant improvement in the reporting procedures for SOEs.
He did, however, warn that SOEs that fail to produce audited financial reports by the required deadlines will face severe penalties.
“Relative to timely financial reporting, the honeymoon is now over for those who fail to meet reporting deadlines, and severe sanctions will follow for those who fail to meet required deadlines as specified by law,” he disclosed.
He advised that “the use of digital technology should make reporting much easier going forward,” adding that the state must generate the necessary economic and social outputs from its investments in SOEs.
The event, which was held on Thursday at the plush Kempinski Hotel, brought together executives from various SOEs.
Some specific entities were presented awards for excelling in areas such as financial performance, productivity, innovation, and regulatory compliance. TDC Development was adjudged the overall best specified entity for the year under review.
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