E.S.L.A. and Daakye granted extension to submit audited financial statements
The Ghana Stock Exchange (GSE) has announced that E.S.L.A. PLC and Daakye Trust PLC have been granted an extension to submit their audited financial statements for the year ended December 31, 2022, by April 30, 2023. The announcement has been made for the information of the general investing public.
According to the announcement, the companies have cited the various extensions to the final settlement of the government’s GDDE program as the reason for their inability to schedule with their external auditors to commence and complete their audit, which has prevented them from submitting their audited financial statements on time.
The GDDE program, which is aimed at resolving the legacy debt in the energy sector, has been ongoing for some time and has seen several extensions over the years. This has led to delays in the settlement of the debt, which has, in turn, affected the financial performance of the companies involved.
The announcement comes at a time when the Ghanaian economy is facing challenges, including high inflation, currency depreciation, and a widening current account deficit. The delay in submitting the financial statements of these companies may further undermine investor confidence in the market and could impact the companies’ stock prices.
Investors should be aware that the extension granted to E.S.L.A. PLC and Daakye Trust PLC may affect their ability to make informed investment decisions based on the financial performance of these companies. Financial statements are a crucial source of information for investors, as they provide insights into a company’s financial health, profitability, and growth prospects.
It is worth noting that companies may request extensions for submitting their financial statements for a variety of reasons, including unforeseen challenges or complexities in the auditing process. However, investors should scrutinize the reasons behind such requests and evaluate the impact on their investment decisions.
The GSE has emphasized the need for companies to comply with the requirements of the exchange and provide timely and accurate financial statements. The exchange plays a crucial role in promoting transparency and accountability in the capital markets, which is essential for investor confidence and the development of the Ghanaian economy.
The announcement of the extension granted to E.S.L.A. PLC and Daakye Trust PLC highlights the challenges faced by companies operating in the Ghanaian economy. The delay in submitting financial statements may further undermine investor confidence in the market, and investors should carefully evaluate the impact on their investment decisions. The GSE’s emphasis on compliance and transparency is a positive step towards promoting investor confidence and the development of the capital markets.
