GSE extends deadline for banks to submit financial statements

The Ghana Stock Exchange has given banks a grace period of one month to submit their audited financial statements for 2020.

The local bourse extended the deadline to April 30, 2021, due to disruptions and impact on most banks’ human resource allocation due to the COVID-19 pandemic.

“The banks that are able to conclude their audit in time, in spite of the negative impact of the pandemic, are encouraged to publish within the existing statutory timeline,” the GSE said in a statement on March 1, 2020.

According to the listing rules, companies on the GSE are required to submit their annual financial statements and reports.

However, through the Ghana Association of Bankers, the banks requested that the date for filing of 2020 audited financial statements be extended to enable them to work effectively with their external auditors to achieve the audit objectives.

The Association indicated that the recent spike had depleted the banks’ human resource capacity in infection rate in the country.

“Results from initial assessment in the banking industry point to signals that some banks are unable to keep sufficient staff members at post to assist with the audit of the 2020 financial statements resulting in significant delays in some instances,” the request by the Ghana Association of Bankers, explained.

While the banking industry has resolved to ensure that stricter safety protocols
are implemented across all channels of service delivery, the conduct of banking
requires that, in isolated circumstances, contact with customers, service
providers and other stakeholders are inevitable with its attendant potential high
risk of getting infected with the virus.

The Association reiterated that discussions with some key external auditors who
have expressed similar sentiments in the impact COVID-19 is having on human
resource allocation to audit assignments despite all the digital interventions
that have been introduced to ameliorate its negative effect.