The Centre for Environmental Management and Sustainable Energy (CEMSE) has called on the State Interests and Governance Authority (SIGA) to compel state-owned enterprises (SOEs) in Ghana’s energy and petroleum sectors to publish their outstanding audited financial statements, warning that the continued delays undermine transparency and accountability.
Speaking on governance in Ghana’s energy sector in Accra on July 16 2026, Executive Director of CEMSE, Benjamin Nsiah, disclosed that more than 90 percent of state-owned entities operating in the power and petroleum sectors are yet to publish their financial reports, despite the country being well into the second half of 2026.
According to him, only a few institutions, including the Petroleum Hub Development Corporation, have published their financial statements.
“Aside from those that have done quite well in publishing, including the Petroleum Hub Development Corporation, the other state entities in the energy sector must also publish their financial performance for the year under review, 2025.
If they are unable to publish these reports now, how do we assess whether they are performing well financially or not? And how do we recommend reforms that will make the sector more sustainable in serving the interests of the state and utility providers?” Nsiah questioned.
He criticised what he described as the selective publication of financial reports by state-owned enterprises, arguing that the absence of regular, audited financial statements prevents effective monitoring of the sector’s financial health and operational performance.
The Executive Director further called on SIGA to strengthen its oversight role by ensuring that all state-owned enterprises comply with financial reporting requirements.
“State Interests and Governance Authority must make sure that they publish it. We’ve observed that they are being selective in publishing their financial performance for 2025, but we shouldn’t be selective. For good corporate governance practices, it is important that state entities become accountable to the people of Ghana,” he said.
CEMSE maintains that timely publication of audited financial statements is a key requirement of good corporate governance and essential for promoting transparency, accountability and informed policy reforms within Ghana’s energy sector.
By Coffie Mawuedem Noel
