The regulator of Ghana’s capital market, the Securities and Exchange Commission (SEC), has issued a one-month ultimatum to six companies listed on the local bourse to submit their financial results for the year ended 2023.
This is per a statement issued by the Ghana Stock Exchange (GSE) on April 2, 2024.
The one-month ultimatum is an extension of the stipulated three-month period granted to companies by the SEC to file their financial results to the GSE.
“The Ghana Stock Exchange announces for the information of the general investing public that for various reasons, the following Companies have been granted extension of time by the Securities and Exchange Commission to submit their audited financial statements for the year ended December 31, 2023,” said the GSE.
The six companies given the one-month ultimatum are CalBank, Kasapreko, ESLA Plc, Daakye Trust Plc, Camelot Ghana Plc and Clydestone Ghana Plc.
There can be several reasons why a business may delay the publication of its financial statements with some of the common reasons being audit delays, regulatory compliance, financial difficulties, changes in accounting standards, internal review and approval process, complex transactions that require additional time for proper accounting treatment and disclosure, among others.
Source:norvanreports