Finance Ministry Tops Fiscal Recklessness Index for 2021-2023; Ghana Loses GHS 4.9Bn in Financial Irregularities – IMANI
The Ministry of Finance (MoF) has once again been identified as the most fiscally reckless public institution in Ghana, this time for the period between 2021 and 2023.
This finding comes from the latest Fiscal Recklessness Index released by IMANI Africa and Oxfam Ghana, which evaluates financial irregularities across various Ministries, Departments, and Agencies (MDAs).
The MoF held the same position from 2015 to 2020, indicating ongoing concerns about its fiscal management.
The report highlights that in 2023 alone, Ghana lost over GHS 4.9 billion due to financial irregularities, with nearly 90% of these irregularities traced back to the MoF.
According to Dennis Asare, Senior Research Associate at IMANI Africa, these losses could have been better allocated to social intervention programs such as the Livelihood Empowerment Against Poverty (LEAP) initiative and the Ghana School Feeding Programme.
The fiscal mismanagement identified is not limited to the ministry’s headquarters but also extends to agencies under its oversight, pointing to broader systemic issues.
One of the key problems cited in the report is the government’s inefficiency in tax collection, which highlights gaps in revenue mobilization.
In response to these findings, the report calls for a more empowered fiscal council with legal backing, capable of providing effective oversight.
Mr. Asare also emphasized the need for all political parties to support this move, stressing that it is time to formalize the establishment of such an institution to prevent further financial mismanagement.
