State Interests and Governance Authority — sets financial reporting deadlines and oversees audits for Ghana's state-owned enterprises, recently commending Tema Oil Refinery's financial recovery.
… His intervention comes in the wake of allegations by the Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, who publicly claimed that he was asked to pay GH¢50,000 in exchange for receiving an award under the honours scheme. …
… According to the petitioners, the allegations gained prominence following comments by the Director-General of the State Interests and Governance Authority (SIGA), Prof. …
… According to the petitioners, the allegations gained prominence following comments by the Director-General of the State Interests and Governance Authority (SIGA), Prof. …
… The Director-General of State Interests and Governance Authority (SIGA), Prof. Michael Kpessa-Whyte, yesterday disclosed that he had declined an invitation to receive a “Best CEO of the Year” award after discovering that attendance at the ceremony was tied to financial contributi …
… An analysis of the SIGA 2024 State Ownership Report Dr. Stephen LARTEY Here is a fact that ought to complicate the way we talk about Ghana’s state-owned enterprises. …
… According to the Secretariat, collaborations with public institutions, including the State Interests and Governance Authority (SIGA), are part of routine stakeholder engagement and have no bearing on the selection process. …
The Director-General of the State Interests and Governance Authority (SIGA), Professor Michael Kpessa-Whyte, has strongly rejected claims that he publicly celebrated being named “Best CEO of the Year” by an awards scheme, describing the allegation as completely false. …
returns to profit with GH¢1.24bn pre-tax surplus in 2025 earns SIGA commendation for governance and financial recovery The Tema Oil Refinery (TOR) has cleared a six-year backlog of outstanding audited financial statements and returned to profitability for the first time in a deca …
… The achievement was disclosed by the State Interests and Governance Authority (SIGA), which described the development as a significant turnaround for the state-owned refinery after years of financial and operational challenges. …
The Parliamentary Minority has called for a bipartisan committee to investigate the Ghana Ministers of State Excellence Honours following allegations that individuals were required to make financial payments to secure recognition. The State Interests and Governance Authority Director-General claimed he was asked to pay GH¢50,000 for an award.
Why it matters
Parliamentary Minority demands inquiry into Ghana Ministers awards scheme over allegations that individuals paid to secure recognition—accountability issue.
The Parliamentary Minority has called for a bipartisan committee to investigate the Ghana Ministers of State Excellence Honours following allegations that individuals were required to make financial payments to secure recognition. The State Interests and Governance Authority Director-General claimed he was asked to pay GH¢50,000 for an award.
Two citizens have petitioned President John Mahama to investigate government officials who allegedly paid money ranging between GH¢25,000 and GH¢50,000 to receive awards at the 6th Ghana Ministers of State Excellence Awards held in Accra on June 6, 2026.
Two citizens have petitioned President Mahama to investigate government officials who allegedly paid money to receive awards at the 6th Ghana Ministers of State Excellence Awards in Accra on June 6, 2026. The petition alleges that awardees paid between GH¢25,000 and GH¢50,000 to secure recognition, and names several government ministers among the recipients.
President John Dramani Mahama has directed ministers, CEOs of state institutions, and political appointees to stop participating in, endorsing, sponsoring, or accepting awards from private organisations without prior approval from his Office. The directive cites concerns that many award-giving bodies lack transparent, objective criteria and pose risks of undermining public service integrity and creating false impressions about government performance.
The 2024 State Ownership Report shows 35 of 54 state-owned enterprises turned a profit, but the sector posted a net loss of GH¢9.68 billion after tax, worse than the GH¢7.14 billion loss in 2023, driven by losses at a handful of giant utilities and currency revaluation effects from the weakening cedi.
The Secretariat of the Ghana Ministers of State Excellence Honours has denied claims that recipients must make financial contributions to receive recognition, stating that all honours are awarded solely on merit, leadership and service to national development. The denial follows concerns raised by Prof. Michael Kpessa-Whyte about the potential for awards to become transactional.
Professor Michael Kpessa-Whyte, Director-General of the State Interests and Governance Authority, has rejected claims by the CEO of Big Events Ghana that he publicly celebrated being named "Best CEO of the Year," describing the allegation as "a palpable lie" and challenging the awards organiser to provide evidence of the alleged social media post.
Prof. Michael Kpessa-Whyte, Director-General of SIGA, declined a "Best CEO of the Year" award from an organisation styling itself as "Ghana Ministers of State Excellence Honours," citing lack of clarity on the award year, assessment criteria, panel composition, performance indicators, and contenders, and concerns about payment requirements for attendance.
Tema Oil Refinery has completed audited financial statements for 2019–2025 and posted a Profit Before Tax of GH¢1.24 billion in 2025, its first year of profitability in a decade. The State Interests and Governance Authority commended the refinery for resolving the audit backlog and achieving financial recovery through improved governance and operational reforms.
The Tema Oil Refinery recorded a profit before tax of GHS 1.24 billion in 2025, its first profit in a decade, driven largely by a GHS 1.3 billion foreign exchange gain and improved crude oil processing following maintenance works. The State Interests and Governance Authority attributed the turnaround to improved revenue generation and financial management, though cautioned that challenges including liquidity pressures and accumulated deficits remain.
President John Mahama has cautioned chief executives of state-owned enterprises that failure to submit audited accounts and annual reports within the timeframe set by the State Interests and Governance Authority could result in dismissal. The President said some state-owned enterprises had operated for several years without producing audited financial statements or annual reports, and has incorporated submission of these documents into chief executives' key performance indicators.
Persistent losses by state-owned enterprises (SOEs) pose a risk to Ghana's fiscal balance and debt sustainability following the IMF bailout, according to a corporate governance consultant. The article contextualizes Ghana's SOE sector from independence through economic crises of the 1980s–90s, which reduced government capacity to finance operations and worsened SOE performance.
As of May 1, only 61 out of 185 state-owned enterprises and specified entities submitted their 2025 financial statements to SIGA by the April 30 deadline, representing a 32% compliance rate. More than 100 entities had neither submitted statements nor provided reasons for delays.
On inauguration day, Ghana's Presidential Transitions Act automatically removes all board members from every state-owned enterprise simultaneously, requiring the new government to undertake months-long appointment cycles that consume significant political energy and administrative bandwidth.