Only 61 state entities submitted audited accounts on time in 2025 – Mahama

President John Dramani Mahama has expressed deep concern over the low submission rate of audited financial statements by state-owned enterprises and other public entities in Ghana for the year 2025. Only 61 out of 162 entities managed to submit their audited accounts before the April 30 deadline, according to the latest State Ownership Report.

Mahama described this compliance gap as "unacceptable," emphasizing that audited financial statements are crucial for proper oversight and accountability in managing public resources. Addressing this issue at a press conference, Mahama highlighted the persistent weaknesses in the management and oversight of state institutions. He stressed that audited accounts, performance contracts, quarterly reports, and annual general meetings are indispensable tools for exercising ownership, oversight, and accountability.

Mahama further warned that state entities cannot treat financial reporting as mere bureaucratic tasks. He emphasized the necessity of timely and audited financial statements to accurately represent the financial position of state institutions. Without such substantiated figures, it is impossible to credibly claim the creation of public value.

The Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, also voiced his concerns over the poor compliance with governance and accountability requirements among certain state-owned entities. SIGA has noted that entities failing to sign performance contracts or submit quarterly reports make it harder for the state to identify risks early and implement corrective actions.