Business News of Sunday, 19 September 2021Source: www.ghanaweb.comA recent report has shown that in contravention of the Public Finance Management Act 2016, Act 921, some 45 State Enterprises have failed to submit financial statements 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, however, discloses that out of 129 SOEs and OSEs, 14 of them complied with the requirement of section 93 of Act 921 to submit quarterly reports. The reports supposed to be submitted to the sector minister are in relation to their 2018 approved business plans. The quarterly report according to the law must contain principally, their outstanding debt and new borrowings as well as overdrafts and other figures relative to corporate debt securities issued.

Source: GhanaWeb September 19, 2021 07:52 UTC