The Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, has raised concerns over poor compliance with governance and accountability requirements among some specified state-owned entities.

He said only 72 of 148 targeted entities signed performance contracts in 2025, while just 71 submitted their quarterly reports on time.

Speaking at an event at the La Palm Royal Beach Hotel, Prof. Kpessa-Whyte said compliance was also poor in the area of annual accountability meetings.

He said only 37 out of a target of 177 entities held annual general or stakeholder meetings during the year.

“Some specified entities continue to resist or place themselves outside SIGA's oversight. The figures are troubling.”

Prof. Kpessa-Whyte, however, noted significant progress in the submission of audited accounts.

He said the number of entities that submitted their audited accounts increased from 53 in 2024 to 108 in 2025, describing it as the highest coverage recorded so far.

He explained that improved submission of audited accounts would give SIGA a more accurate picture of the performance and financial health of the state-owned enterprise portfolio.

“The more audited accounts we have, the more accurate the report we present is.”

He stressed, however, that improved performance in one area could not compensate for failures in other governance obligations.

“Partial compliance is not enough. An entity that files audited accounts but does not hold its annual general meeting has left a major accountability obligation unmet.”

According to the SIGA Director-General, entities that fail to sign performance contracts or submit quarterly reports make it more difficult for the state to identify risks early and take corrective action.

He warned that such gaps could eventually translate into contingent liabilities for the public purse and undermine public confidence in state-owned enterprises.

Prof. Kpessa-Whyte also called for greater attention to the dividend performance of state-owned enterprises.

He said only two of 53 state-owned enterprises paid dividends to the government from their 2024 operations, generating a total of GH¢16 million.

The two entities were the Ghana Reinsurance Company and the National Development Company.