The Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, has warned state-owned enterprises (SOEs) that submitting audited accounts alone does not satisfy their governance and accountability obligations.
According to him, entities must go beyond financial reporting and fulfil other statutory requirements, including holding their annual general meetings.
Prof. Kpessa-Whyte made the remarks at the SIGA Governing Boards & CEOs’ Conference 2026 on Thursday, September 10, where the 2025 State Ownership Report was presented.
He said an entity that submits its audited accounts but fails to hold its annual general meeting leaves a major accountability obligation unmet.
“An entity that files audited accounts but does not hold its annual general meeting has left a major accountability obligation unmet,” he said.
His comments come amid concerns over low compliance levels among state entities.
According to the 2025 State Ownership Report, only 72 of the targeted 148 entities signed performance contracts in 2025, while 71 submitted their quarterly reports on time.
The report also showed that only 37 out of 177 entities held annual general meetings or annual stakeholder meetings during the year.
Prof. Kpessa-Whyte stressed that such governance gaps could prevent government from identifying risks early and addressing them before they become costly to the state.
He warned that failure to comply with governance requirements could eventually create contingent liabilities for the public purse and weaken public confidence in the management of state assets.
Despite the compliance challenges, the report recorded progress in the submission of audited accounts, with the number increasing from 53 in 2024 to 108 in 2025, the highest coverage recorded so far.
Prof. Kpessa-Whyte said the increased submission of audited accounts provides a more accurate picture of the performance and financial health of Ghana’s state-owned entities.
He, however, maintained that improved financial reporting must be accompanied by full compliance with governance requirements to ensure transparency, accountability and value for the public.
Ghana|Atinkaonline.com|Mavis Fantevi
