By Grace Zigah
More than 120 state-owned enterprises and public institutions failed to meet the statutory April 30, 2026 deadline for submitting their audited financial statements to the State Interests and Governance Authority (SIGA), raising fresh concerns over accountability and compliance within the public sector.
Data captured on SIGA’s compliance dashboard as of May 1, 2026, showed that only 61 out of 185 state-owned enterprises (SOEs), joint ventures, and other specified entities had submitted their 2025 financial statements within the stipulated timeline, representing a compliance rate of approximately 32 percent.
The latest figures highlight continuing challenges in financial reporting discipline among public institutions despite repeated calls for transparency, improved corporate governance, and stricter enforcement measures under the state governance framework.
Among the institutions that complied with the deadline were the Bank of Ghana, the Electricity Company of Ghana, the Ghana Civil Aviation Authority, the Ghana National Petroleum Corporation, Ghana Gas, the Ghana Publishing Company Limited, Ghana Gold Board, and the Petroleum Hub Development Corporation.
According to the compliance report, five entities formally requested extensions to submit their financial statements, while 14 others attributed their inability to meet the deadline to delays in completing external audits.
However, more than 100 public entities neither submitted their financial statements nor provided explanations to SIGA regarding the delays as of May 1.
Institutions listed as non-compliant included the Minerals Commission, the National Communications Authority, the Lands Commission, the Youth Employment Agency, the Ghana Broadcasting Corporation, the National Road Safety Authority, Metro Mass Transit, the District Assemblies Common Fund, the Ghana Tertiary Education Commission, and the Minerals Development Fund.
The development has renewed debate about the effectiveness of enforcement mechanisms under the SIGA Act, which was introduced to strengthen oversight, improve efficiency, and ensure accountability among state-owned enterprises and specified entities.
Over the years, concerns have repeatedly been raised about weak corporate governance structures, delayed audits, poor financial reporting practices, and operational inefficiencies within several state institutions.
The inability of a majority of public entities to meet a statutory reporting deadline could undermine efforts to promote transparency and fiscal discipline within the public sector, especially at a time when government continues to push for stronger financial accountability and prudent management of state resources.
Financial statements submitted to SIGA are considered critical tools for assessing the operational performance, financial health, profitability, and governance standards of state-owned enterprises and public institutions.
The latest compliance figures are also expected to place pressure on regulators and policymakers to enforce stricter sanctions against defaulting institutions and strengthen monitoring systems to improve compliance rates in future reporting cycles.
The report noted that the compliance list referenced in the analysis was dated May 1, 2026, meaning entities that submitted their financial statements after that date were not captured in the published figures.
