The Finance Ministry has revealed that State-Owned Enterprises (SOEs) reported a ¢5.3 billion loss in their operations in the 2020 fiscal year.
It adds that some SOEs were reluctant to submit annual accounts since 2017.
To fix the poor state of some of the entities, the Finance Ministry is warning it will no longer support request for assistance by SOEs that fail to meet the reporting requirements specified in the Public Financial Act.
Deputy Finance Minister, Dr. John Kumah, announced this at a forum held by the State Interest and Governance Authority (SIGA) in Accra on Friday, January 28, 2022.
“SOEs consistently posted aggregate net losses from 2015; an amount of ¢2.1 billion to the latest figure of 2020 which is ¢5.3 billion losses in the Draft 2020 SOE Report. 50% of SOEs and 63% of JVCs reported losses.”
“The Finance Ministry will not consider any request for government support from any specified entities that fail to meet the reporting requirements specified in the PFM Act.
"The Minister of Finance has directed to the Director-General of SIGA to ensure that appropriate sanctions and penalties are applied for infractions of the PFM Act,” he stated.
On his part, President Akufo-Addo urged the state owned enterprises to operate profitably and efficiently and create employment opportunities for young people.
“We must bring the phenomenon of posting losses to an end. Beginning this year, I urge every specified entity to direct their chain activities to involve Ghanaian entrepreneurs to spur the growth of the micro, small and medium scale enterprises sector in order for more young people to be employed.”
“If we can do this continuously for five years, imagine the number of lives we’d be impacting! When we gather again in the coming years, I will be eager to listen to success stories in this area,” he said.
Latest Stories
-
Cecilia Dapaah’s case: EOCO hasn’t requested for FBI report – Office of the Special Prosecutor
1 hour -
Andre Ayew scores 5th league goal as Le Havre beat Strasbourg
1 hour -
Ejisu by-election: NPP didn’t sanction money distribution to voters – Richard Ahiagbah
2 hours -
Ghana Health Service opens vacancies for 204 doctors, 25 dentists
2 hours -
Domestic tourism on the rebound with 1.4m visits to attraction sites in 2023 – GTA
3 hours -
Government working hard to complete Tema General Hospital project – Dr Okoe Boye
3 hours -
Ipswich Town seal Premier League promotion after 22 years absence
3 hours -
Accord journalists the respect due them – Opare Gyan
3 hours -
EPL: Arsenal beat Bournemouth to go four points clear of Man City
3 hours -
Cecilia Dapaah’s case: What’s happening now is a clear indication of cover-up – Amaliba
3 hours -
I felt rejected by Ghanaians – AY Poyoo
3 hours -
Terrorist cell of five Daesh supporters dismantled in Essaouira
4 hours -
My former manager deleted my songs from streaming platforms – AY Poyoo
4 hours -
Afronita and Abigail get standing ovation at Britain’s Got Talent
4 hours -
Accused in murder of a military officer in Kasoa remanded
4 hours