President John Dramani Mahama has warned chief executives of state-owned enterprises (SOEs) that failure to submit audited accounts and annual reports within the deadline set by the State Interests and Governance Authority could lead to their dismissal.
Speaking at a diaspora town hall meeting on May 31, the President said the government is tightening oversight of state institutions as part of broader efforts to strengthen accountability, improve transparency and promote sound economic management.
Mr Mahama expressed concern that several state-owned enterprises had operated for years without producing audited financial statements or annual reports, describing the situation as unacceptable.
According to him, weak governance and poor management within public institutions continue to impose significant costs on the national economy.
He noted that losses incurred by underperforming state enterprises ultimately become liabilities for the state, placing additional pressure on public finances and undermining efforts to sustain economic recovery.
The President revealed that the submission of audited accounts and annual reports has now been incorporated into the key performance indicators (KPIs) of chief executives overseeing state-owned enterprises.
“We found out that some state-owned enterprises had not presented annual reports or audited accounts for seven years. We have made the submission of audited accounts and annual reports a key performance indicator,” he said.
“I have told the CEOs that SIGA has set a deadline. If you have not presented your audited accounts and annual report by then, you will have to leave the office,” he added.
President Mahama said the move forms part of a wider strategy to ensure greater accountability in the management of public institutions and safeguard state resources.
Despite the concerns, he indicated that ongoing reforms and enhanced government monitoring are beginning to yield positive results, with several state-owned enterprises showing signs of improved performance.
The President expressed optimism that stricter enforcement of reporting requirements and stronger oversight mechanisms would help transform the operations of state enterprises and contribute to Ghana’s broader economic recovery agenda.
