President John Mahama has cautioned chief executives of state-owned enterprises that failure to submit audited accounts and annual reports within the timeframe set by the State Interests and Governance Authority (SIGA) could result in their dismissal.

Speaking during a diaspora town hall meeting on May 31, the President said the government is strengthening oversight of state institutions as part of efforts to improve accountability, enhance transparency and support sound economic management.

Mr Mahama expressed concern that some state-owned enterprises had operated for several years without producing audited financial statements or annual reports.

He described the situation as unacceptable, warning that weak oversight and poor management of public institutions place an unnecessary burden on the national economy.

According to the President, losses incurred by underperforming state enterprises eventually become liabilities for the state, increasing pressure on public finances and undermining efforts to sustain economic recovery.

He disclosed that the submission of audited accounts and annual reports has now been incorporated into the chief executives' key performance indicators.

“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.

"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 stated.

Despite the concerns, President Mahama said there are encouraging signs that a number of state-owned enterprises are beginning to improve their performance as a result of ongoing reforms and increased government monitoring.