President John Dramani Mahama has raised concerns over delays by state-owned enterprises and other public entities in submitting their audited financial statements, with only 61 entities meeting the statutory deadline in 2025.

The President described the compliance gap as unacceptable, stressing that audited financial statements are essential for effective oversight and accountability in the management of public resources.

Speaking at an event at the La Palm Royal Beach Hotel, President Mahama said the figures highlighted persistent weaknesses in the management and oversight of state institutions.

According to the 2025 State Ownership Report, although 108 of the 162 entities covered had their financial reports based on audited statements, only 61 submitted their audited accounts by the statutory deadline of April 30.

A significant number of entities either submitted their accounts late or relied on management and draft accounts for the compilation of the report.

President Mahama said the situation must change, insisting that state entities cannot treat financial reporting as a routine administrative exercise.

“Audited accounts, performance contracts, quarterly reports, annual general meetings are not optional bureaucratic exercises. They are the basic instruments through which ownership, oversight, and accountability are exercised.”

He further stressed that timely and audited financial statements were necessary to establish the true financial position of state institutions.

“You cannot credibly claim to create public value if you cannot substantiate your financial position with audited figures.”

President Mahama directed boards and management of state entities to improve compliance and ensure that financial information submitted to the State Interests and Governance Authority (SIGA) is complete, credible and submitted on time.

The Director-General of SIGA, Professor Michael Kpessa-Whyte, also expressed concern over poor compliance with governance and accountability requirements among some state-owned and specified entities.

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.