President John Dramani Mahama has issued a stern warning to heads of State-Owned Enterprises (SOEs), declaring that any chief executive who fails to submit audited financial accounts on time risks losing their position.
Speaking at a meeting with chief executives of specified entities and state institutions at the Jubilee House on Friday, May 30, President Mahama stressed that financial accountability and transparency would no longer be optional under his administration.
According to the President, several SOEs have consistently failed to meet statutory obligations by delaying the submission of audited financial statements, a situation he described as unacceptable and harmful to the country’s economic recovery efforts.
“If you do not submit your audited accounts within the stipulated period, you are virtually writing your own dismissal letter,” President Mahama warned.
He emphasised that the era where state institutions operated without strict financial discipline was over, adding that the government would enforce sanctions against non-compliant entities regardless of political affiliation or institutional influence.
President Mahama further directed the State Interests and Governance Authority (SIGA) to intensify oversight responsibilities and ensure that all state institutions comply fully with governance and reporting requirements.
He noted that poor financial management and weak accountability systems within some SOEs had contributed significantly to Ghana’s fiscal challenges over the years, including mounting debts and operational inefficiencies.
The President also urged SOE heads to prioritise productivity, innovation and value-for-money in the management of public resources, insisting that state institutions must justify their continued existence through measurable performance and efficient service delivery.
“We cannot continue to use taxpayers’ money to support institutions that do not deliver results or refuse to account for public funds,” he said.
