President John Dramani Mahama has warned chief executive officers of state-owned enterprises that failure to submit audited accounts and annual reports by the deadline set by the State Interests and Governance Authority (SIGA) could cost them their jobs.

The President delivered the warning during a Diaspora Townhall Meeting with the Ghanaian community in London as part of his official visit to the United Kingdom.

His remarks form part of the government’s broader efforts to strengthen accountability, improve corporate governance, and enhance efficiency across public institutions.

President Mahama said the government had uncovered worrying lapses in financial reporting among some state enterprises, with several institutions failing to produce audited accounts and annual reports for years.

He described the situation as unacceptable and contrary to the principles of transparency and responsible public sector management. According to him, weak oversight and poor financial reporting have contributed to inefficiencies within some state-owned enterprises, creating liabilities that ultimately affect the state and the taxpayer.

The President stressed that government is determined to reverse the trend and ensure that public institutions operate with the highest standards of accountability.

Years of Missing Reports Raise Concerns

President Mahama revealed that investigations into the operations of some state owned enterprises uncovered instances where annual reports and audited financial statements had not been submitted for as long as seven years.

He questioned how organizations entrusted with managing public resources could operate for such an extended period without fulfilling basic reporting obligations.

“We found out that some state-owned enterprises had not presented annual reports or audited accounts for seven years. I mean, who runs an organisation like that for seven years without audited accounts and annual reports?”.
President John Dramani Mahama

The President noted that audited accounts are essential for measuring institutional performance, identifying operational challenges, and ensuring prudent use of public funds.

Without accurate and timely financial records, he said, it becomes difficult for oversight agencies and government to assess the true state of public institutions and take corrective action when necessary.

He further emphasized that state enterprises must be managed in a manner that supports national development goals rather than becoming a burden on public finances.

Audit Compliance Now a Performance Indicator

As part of measures to improve governance standards, President Mahama announced that the submission of audited accounts and annual reports has been incorporated into the key performance indicators used to assess chief executives of state owned enterprises.

The move signals a stricter approach to performance management within the public sector and demonstrates government’s commitment to enforcing accountability.

According to the President, compliance with SIGA’s reporting requirements will no longer be treated as a routine administrative matter but as a critical obligation tied directly to the tenure of chief executives.

“So we have made the submission of audited accounts and annual reports part of their key performance indicators. I’ve told the CEOs that SIGA has set a deadline, I think by the middle of this year. If you have not presented your audited accounts and you have not presented your annual report, the road is your face, you go home”.
President John Dramani Mahama

The warning leaves little doubt about the government’s expectations and the consequences for those who fail to meet the established requirements. The policy could mark a turning point in the management of state enterprises, many of which have faced criticism over inefficiency, weak governance structures, and recurring financial challenges.

Strengthening Public Sector Accountability

The President’s comments come at a time when government is pursuing reforms aimed at improving fiscal discipline and restoring confidence in public institutions.

State owned enterprises play a significant role in Ghana’s economy, operating in key sectors such as energy, transport, finance, and infrastructure. Their performance has a direct impact on economic growth, service delivery, and public finances.

President Mahama stressed that losses incurred by poorly managed enterprises often become liabilities for the state, increasing financial pressures and undermining broader economic recovery efforts.

By enforcing stricter reporting standards, government hopes to improve transparency, enhance operational efficiency, and ensure that public resources are managed responsibly.

The reforms are also expected to strengthen investor confidence by demonstrating a commitment to sound governance practices across state institutions.

Signs of Improvement Emerging

Despite his criticism of past reporting failures, President Mahama expressed optimism about the future performance of state owned enterprises.

He indicated that increased monitoring and ongoing reforms are already producing positive results in several institutions, with some beginning to show signs of operational improvement.

According to him, enhanced oversight by SIGA and the introduction of clear performance benchmarks are helping to create a culture of responsibility and accountability within the public sector.

The President said government remains committed to supporting state enterprises to become efficient, transparent, and financially sustainable organizations capable of contributing meaningfully to national development.

As the mid year reporting deadline approaches, attention will focus on whether state enterprise leaders comply with the new requirements and demonstrate their readiness to operate under the stricter accountability framework introduced by the Mahama administration.

For government, the message is clear. Transparency, financial discipline, and timely reporting are no longer optional. Chief executives who fail to meet these obligations risk losing the opportunity to continue leading public institutions entrusted with serving the people of Ghana.