The Director of Public Investments and Assets Division (PIAD) at the Ministry for Finance has hinted that SIGA would be coordinating financial reports of SOEs from 2021.

This was disclosed at a breakfast meeting organised by the Ministries for Finance and Public Enterprises for CEOs and Managers of Specified Entities at the Movenpick Hotel in Accra on 28^th July, 2021.

The meeting which was under the auspices of the ministry of Public Enterprises was attended by the Minister of Public Enterprises, Hon. Joseph Cudjoe, a Deputy Minister for Finance Hon. Dr. John Kumah and a Deputy Minister for Trade and Industry, Hon. Michael Okyere Baafi.

Also in attendance were the Director-General of the State Interests and Governance Authority, Hon. Stephen Asamoah-Boateng, the Director of Public Investments and Assets Division (PIAD) Mr. David Klottey Collinson, The Controller and Accountant General of Ghana Mr. Kwasi Kwaning-Bosompem and the Acting Deputy Auditor General, Mr. Kojo Addison.

The rest were directors from the two ministries (Finance and Public Enterprise) and the general managers of SIGA in charge of Finance and administration and Operations.

The thrust of the meeting was to look at the submission of Financial Reports and State Ownership Reports.

Welcome Address

In his welcome address, the Director-General of SIGA talked about the failure of SOEs in submitting their financial and audited accounts and enquired from them the reasons preventing from submitting their reports. The DG mentioned to the SOEs that he was ready to put the Finance team in SIGA at disposal of any entity that needed assistance, to enable them close all outstanding financial reports. Additionally, he called on the Entities to try and submit their management reports in cases where it is not possible to submit a financial report.

Public Enterprise Minister

The Minister for Public Enterprises told the CEO and their representatives that his main focus was to target real time accounting together with the entities. The vision of the President is for the public sector to provide results just like the private sector.

Chief Director PIAD

There was a presentation by the Director of PIAD on Financial Reports by SOEs, the quarterly and the annual reports. Despite the cry for lack of compliance with financial reporting Mr. Collison listed nine SOEs who had submitted their audited accounts namely: ADB, Consolidate Bank of Ghana, Ghana Cylinder Manufacturing Company, Valco, GCB, Ghana Deposits Protection Company, Tema Development Corporation (TDC) Health Facilities Regulatory Authority and Standard Chartered Bank.

Seven other SOEs were also mentioned to have submitted their draft financial reports before disclosing that from 2021 Financial and audited reports would be coordinated by SIGA.

Q and A session

In the questions and answer sessions some of the entities talked about the frequent changes in auditors, late appointment of auditors, late preparation of accounts at entity level and the non-availability of accountants as some of the challenges preventing them from being on schedule with their reports.

One accountant also disclosed that he came to meet a backlog of financial reports dating from 2011 and has been able to clear them up to 2019.

Success Stories

The success stories of some entities such as COCOBOD and GIHOC were shared.

The Entities have up to end of August this year to submit their financial reports and audited accounts in compliance with the Public Financial Management Regulations.