Creative Arts Agency Records GH¢2.01m Revenue in FY2025 Despite Financial Reporting Gaps

The Creative Arts Agency (CAA) recorded total revenue of approximately GH¢2.01 million in the 2025 financial year, with its expenditure matching its revenue, leaving the Agency in a break-even position, the 2025 State Ownership Report has revealed.

However, the report also raised concerns about the Agency’s governance and financial reporting arrangements, indicating that the Creative Arts Agency had failed to prepare and submit annual financial statements as required under the Public Financial Management Act, the State Interests and Governance Authority (SIGA) Act and other applicable laws.

The report paints a picture of an Agency with a key mandate to regulate, promote and develop Ghana’s creative sector but facing challenges relating to financial reporting, governance and institutional accountability.

According to the 2025 State Ownership Report, the Creative Arts Agency had no governing board in place during the 2025 financial year.

The position of Board Chair was also yet to be filled during the period under review.

The report lists Gideon Aryeequaye as the head of the Agency.

The Creative Arts Agency was established under the Creative Arts Industry Act, 2020 (Act 1048) to regulate, promote and develop Ghana’s creative sector.

Its mandate includes creating an enabling environment for creative enterprises, promoting collaboration among stakeholders within the creative industry and supporting artists, creative practitioners and organisations.

The strategic intent of state ownership of the Agency is “to regulate, promote, and develop the country’s creative sector.”

The Agency’s mission is to foster an enabling environment for innovation, empower artists and creative practitioners and showcase Ghana’s rich cultural heritage globally.

A major concern highlighted in the report relates to the Agency’s failure to prepare and submit the required annual financial statements.

According to the report, the Creative Arts Agency had not prepared and submitted annual financial statements since its establishment, despite the legal requirements governing public institutions and specified entities.

Although an attempt was reportedly made in 2025 to provide financial information, the report said the information presented was significantly inadequate and did not meet the requirements of a complete financial statement.

The report further indicated that there was no information on the Agency’s financial position or other material information available to the State Interests and Governance Authority (SIGA) that required additional disclosure.

The lack of complete financial statements means that important information concerning the Agency’s financial activities and position was not adequately available through the required reporting framework.

The report consequently identifies financial accountability and reporting as key areas requiring attention at the Creative Arts Agency.

Despite the concerns surrounding its financial reporting, the report provided figures for the Agency’s revenue and expenditure during the 2025 financial year.

The Creative Arts Agency recorded total revenue of GH¢2.011 million in FY2025.

The same amount was also spent during the period, resulting in a break-even position for the year.

The figures indicate that the Agency’s total expenditure matched its total revenue, meaning it did not record either a surplus or deficit at the end of the financial year based on the information captured in the report.

While the Agency was able to mobilise resources to support its operations during the year, the equal level of revenue and expenditure meant that it did not retain a surplus.

The 2025 State Ownership Report noted that, despite the governance and financial reporting challenges, the Creative Arts Agency undertook initiatives aimed at supporting the development and strengthening of Ghana’s creative industry.

Among the initiatives were efforts to identify talents and increase registration and licensing within the creative sector.

These measures are expected to contribute towards improving the Agency’s operations and increasing its internally generated funds.

The report, however, indicated that the effectiveness of such initiatives remains to be fully reflected in the Agency’s financial information.

The Agency’s broader mandate includes supporting the growth of creative enterprises and practitioners while promoting collaboration across the sector.

The report also indicated that the Creative Arts Agency recorded no important events during the 2025 financial year.

Additionally, the Agency reported no quasi-fiscal activities during the period.

Quasi-fiscal activities generally refer to activities undertaken by public entities that have fiscal implications but may not be directly captured as part of the central government’s budgetary operations.

The Creative Arts Agency also did not report any climate-smart investment during FY2025.

The findings contained in the 2025 State Ownership Report highlight significant gaps in the Creative Arts Agency’s governance and financial reporting structures.

The absence of a governing board during FY2025, the unfilled Board Chair position, and the failure to prepare and submit complete annual financial statements were among the issues identified.

While the Agency recorded GH¢2.011 million in revenue and an equal amount in expenditure, the report’s concerns over the adequacy of its financial information raise questions about the need for stronger reporting and accountability mechanisms.

With the Creative Arts Agency mandated under the Creative Arts Industry Act, 2020 (Act 1048) to regulate, promote and develop Ghana’s creative sector, the findings point to the need to strengthen its governance structures and financial reporting systems to support the effective execution of its mandate.