GSE grants extension of filing financial statements to four companies

The Ghana Stock Exchange (GSE) has given four listed companies a grace period to submit their audited financial statements for the entire 2020 and the first quarter of 2021.

According to the listing rules, companies on the GSE must submit their financial statements to keep investors abreast of company activities.

The firms are:

• Trust Bank Plc (The Gambia), (Year-end) – June 30, 2021
• Bond Savings & Loans Plc, (Year-end) – June 30, 2021
• Dannex Ayrton Starwin Plc (Year-end) – June 30, 2021
• SIC Insurance Company Plc (Year-end & Q1) – May 31, 2021.

The Trust Bank Limited (The Gambia) and Dannex Ayrton Starwin Plc has been given extra extension after an earlier grace period elapsed.

Other companies given similar extensions include E.S.L.A. plc, Fan Milk Plc and Enterprise Group.

The local bourse had earlier extended the deadline for financial institutions as well to April 30, 2021.

This was due to disruptions and impact on most banks’ human resource allocation due to the COVID-19 pandemic.

Through the Ghana Association of Bankers, the banks requested that the date for filing of 2020 audited financial statements be extended to enable them to work effectively with their external auditors to achieve the audit objectives.

The association indicated that the recent spike had depleted the banks’ human resource capacity in the country.

“Results from initial assessment in the banking industry point to signals that some banks are unable to keep sufficient staff members at post to assist with the audit of the 2020 financial statements resulting in significant delays in some instances,” the request by the Ghana Association of Bankers explained.

While the banking industry has resolved to ensure stricter safety protocols
across all channels of service delivery, the conduct of banking
requires that, in isolated circumstances, contact with customers, service
providers and other stakeholders are inevitable with its attendant potential high
risk of getting infected with the virus.

The association said key external auditors have expressed worry about the impact COVID-19 is having on human resource allocation to audit assignments, despite all the digital interventions introduced to ameliorate its negative effect.