A Senior Research Associate with IMANI Africa, Dennis Asare, has reported that Ghana lost over GH₵4.9 billion due to financial irregularities in 2023.
He emphasized that these lost funds could have significantly supported social intervention programs like the Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Programme.
Asare made these remarks during the release of the third Fiscal Recklessness Index report, which was jointly produced by policy think tanks IMANI Africa and Oxfam Ghana on Wednesday, October 23.
The report evaluates financial irregularities across various Ministries, Departments, and Agencies (MDAs).
He indicated that the Ministry of Finance is considered the most fiscally reckless institution, with nearly 90 percent of the irregularities traceable to it.
“This is the interpretation of the index. We recognize that it serves as a central management agency with oversight responsibilities for other institutions,” he stated.
Asare noted that the issue of fiscal irresponsibility extends beyond the Ministry’s headquarters and affects other agencies under its supervision.
He pointed to tax discrepancies as a significant irregularity, underscoring the government’s challenges with effective revenue mobilization.
He also provided recommendations based on the findings, advocating for the establishment of a more robust fiscal council with real authority.
“We need a stronger fiscal council. The previous one was merely a committee. All political parties agree that a fiscal council is necessary, so we should seize this opportunity to establish it properly. It should be legally backed and, more importantly, given the authority to carry out the vital work we expect from it,” he stressed.
In addition to the Ministry of Finance (MoF), the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health were also highlighted for fiscal recklessness, ranking closely behind the MoF.
