• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Financial irregularities cost Ghana yearly average of 0.52% of GDP from 2015 to 2020

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
144
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Financial irregularities cost Ghana yearly average of 0.52% of GDP from 2015 to 2020

A yearly average of 0.52% of Ghana’s Gross Domestic Product (GDP) between 2015 and 2020 was lost to financial irregularities by Ministries, Departments and Agencies.

Over the five year analysis period, cumulative financial irregularities represented about 3.64% of 2020 GDP.

In monetary terms, this translates into some GHS 13.9bn lost to financial irregularities.

According to the second Fiscal Recklessness Index report by policy think tank, IMANI Ghana, financial irregularities by MDAs for the five year period covered stores/procurement, cash, tax, payroll, rent and contracts.

According to the report, the analysis of fiscal indiscipline of MDAs clearly shows that tax and cash management are the main sources of fiscal recklessness among the MDAs in the last five years.

Tax and cash irregularities constituted an average of 83% of the composite of financial irregularities. The financial irregularities over the period were largely driven by high tax irregularities (GHS 9.13 billion; 65.49%) caused by the failure of the Ghana Revenue Authority (GRA) to collect taxes due to the state and enforce compliance.

RelatedPosts

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

Joe Jackson Warns BoG’s 10% NPL Target Could Squeeze SME Lending

SOEs Record 28.3% Revenue Growth But Post GHS 9.67bn Net Loss in 2024 – SIGA Report 

Besides the tax irregularities, cash irregularities also constituted a significant proportion of the total financial irregularities. A total of GHS2.9 billion, representing about 21.4% of the total irregularities, was recorded between 2015 and 2020.

The cash irregularities were largely driven by unapproved disbursement of funds, unapproved transfer of funds, and delays in the lodgement of public funds into the respective public accounts.

Other relatively smaller irregularities comprised debts, loans & advances (GHS1.20 billion; 8.58%), contracts (GHS387 million; 2.78%), stores/procurement (GHS136 million; 0.98%); rent (GHS85 million; 0.61%) and payroll irregularities (GHS14.6 million; 0.10%).

Meanwhile, the Finance Ministry and subsidiary agencies, per the report, tops the list of MDAs as the most fiscally reckless MDA on an annual basis and also over the six years between 2015 and 2020.

According to the report, the Ministry of Finance had the highest combined Fiscal Recklessness Score (FRS) of 0.8797. Two key irregularities account for the trend observed at the Finance Ministry: (1) tax irregularities and (2) cash irregularities.

For instance, the Finance Ministry is responsible for 99.63% (GHS9.10 billion) of the combined GHS9.12 billion tax irregularities from 2015 to 2020. Likewise, the Finance Ministry accounted for 80.10% (GHS2.35 billion) of the combined GHS2.93 billion cash irregularities from 2015 to 2020.

Source: norvanreports
Tags: Finance ministryFinancial irregularities cost Ghana 0.52% of GDP from 2015 to 2020fiscal recklessnessghanaIMANI GhanaMDAs
No Result
View All Result

Highlights

Three SOEs Make First Dividend Payment of GHS 29.3m in 30 years

Gov’t Misses T-Bills Target by GHS 3.38bn as Investor Appetite for Debt Shifts to BoG Securities

Tough but Right: Will BoG’s Currency Crackdown & NPL Clean-Up Fix the Economy or Freeze Growth?

Equities Retreat as MTN Drags Composite Index Lower

Senegal’s Rating Downgrade: Credit Agencies are Punishing Countries That Don’t Check Their Numbers

Nigeria’s Gas Flaring Falls by 7.16% in July 2025 as Gas Production Hits 7.59bscfd 

Trending

Business

Ghana 5th in Africa for IMF Outstanding Debt in August 2025

September 1, 2025

Ghana 5th in Africa for IMF Outstanding Debt in August 2025 Ghana maintained its position as the...

Joe Jackson Warns BoG’s 10% NPL Target Could Squeeze SME Lending

September 1, 2025

SOEs Record 28.3% Revenue Growth But Post GHS 9.67bn Net Loss in 2024 – SIGA Report 

September 1, 2025

Three SOEs Make First Dividend Payment of GHS 29.3m in 30 years

September 1, 2025

Gov’t Misses T-Bills Target by GHS 3.38bn as Investor Appetite for Debt Shifts to BoG Securities

September 1, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.