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
-
Journalists are not induced to frustrate the OSP – GJA President fires back
4 mins -
J. Derobie returns with ‘Firm After All’ EP
11 mins -
Samuel William Opoku-Agyakwa
15 mins -
I won’t protect your legacy of corruption, bankrupt economy – Mahama replies Akufo-Addo
21 mins -
Everyone safe after building collapses in Nairobi
26 mins -
Ariana Grande was carried in ‘asleep’ for Met Gala 2024 performance
26 mins -
Fuse ODG visits budding artiste Fred Kobby’s neighbourhood
27 mins -
South Africa poll agency rejects bid to remove Zuma from MK party
38 mins -
WAFU B U-17 Championship: Black Starlets face Niger in pre-tournament friendly on Thursday
48 mins -
Africans urged to employ indigenous knowledge in evaluation practices
49 mins -
Duopoly of NPP, NDC destabilising Ghana’s progress – Alan Kyerematen
55 mins -
Turf war not helping anti-corruption agencies; let’s merge them – Domelevo
1 hour -
Voter Registration: Residents satisfied with process so far on Day 2 in Ashanti Region
1 hour -
Foreign Affairs Ministry revives Made-In-Ghana Bazaar to link local industries to foreign market
1 hour -
Attacks on journalists threaten core democratic values – Information Minister-designate
1 hour