47 state-owned enterprises fail to submit financial reports since 2016

47 out of 130 entities owned by the government have failed to submit their financial statements to the Ministry of Finance for auditing, the Minister of Finance, Ken Ofori-Atta has revealed.

Ghana's Finance Minister, Ken Ofori-Atta

According to him, only 14 State-Owned Enterprises (SOEs) and Other State Entities (OSEs) responded to the requirements of section 93 of Act 921 to submit quarterly reports on their operations.

Speaking at the 2021 Performance Contract Signing Ceremony, he said "These statistics highlight the need for a renewed performance contract between the State and its Enterprises. To recover from the COVID-19 pandemic, we must pursue accountability, transparency, and responsible custodianship.

"Our public enterprises are not vehicles to enrich a minority. They are intended to be arms through which the state promotes equality of opportunity and presents its citizens with the tools to shape their own lives.

"In line with the President’s vision of using the pandemic to recreate our country, the time has come to change the culture of our state enterprises. You must actively align your goals with the Ghana CARES program and be a significant partner in our economic transformation."

"The value of state enterprises is estimated at GH¢110 billion, which represents approximately 27 percent of 2020 GDP. This, the minister said, means that a 10 percent return on assets could generate 11 billion to the national coffers and SOEs could be employing more than 700,000 in the public and civil service.

"Both myself and the Hon. Joseph Cudjoe, the Minister responsible for Public Enterprises, shares the view that government must improve public service outcomes while achieving the requisite fiscal consolidation to help the economy grow.

"Within this context, we have already engaged extensively and have developed a comprehensive policy on state ownership which is currently going before Cabinet for consideration," he stated.

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