Business News of Sunday, 19 September 2021Source: www.ghanaweb.comIn contravention of the Public Finance Management Act 2016, Act 921 and international best practice, some 45 public enterprises have failed to submit mandatory financial reports to the Ministry of Finance since 2016. The composition of the defaulting companies are: one State Owned Enterprises (SOEs), 34 Owned State Enterprises (OSEs) and 12 Joint Venture Companies. The report noted a marked improvement in the submission of the quartely documents by some enterprises. Noting further that some SOEs had cleared backlogs of several years relative to unaudited financial statements. In 2016, only 18 entities complied with the law culminating in the maiden report, which was published in 2017.
