Home Business Finance Ministry labeled as Ghana’s most fiscally reckless Institution in latest Report

Finance Ministry labeled as Ghana’s most fiscally reckless Institution in latest Report

This latest assessment follows a similar trend observed between 2015 and 2020.

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The Ministry of Finance (MoF) has once again been flagged as the most fiscally irresponsible public institution in Ghana, covering the years 2021 to 2023.

This latest assessment follows a similar trend observed between 2015 and 2020.

The findings are part of a recent report by IMANI Africa and Oxfam Ghana, which analyzed financial irregularities across various Ministries, Departments, and Agencies (MDAs) through the third edition of their Fiscal Recklessness Index. According to the report, the Finance Ministry topped the list, with the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health also highlighted for fiscal mismanagement.

During a media briefing on the report, Dennis Asare, Senior Research Associate at IMANI Africa, disclosed that Ghana incurred over GH₵ 4.9 billion in financial losses in 2023 due to numerous irregularities.

Mr. Asare emphasized that such substantial losses could have been redirected to support critical social programs, such as the Livelihood Empowerment Against Poverty (LEAP) initiative and the Ghana School Feeding Programme.

“The Ministry of Finance stands out as the most fiscally reckless institution because almost 90% of the irregularities identified can be traced back to it,” he stated.

He explained that, as a central management agency overseeing other institutions, the Ministry’s financial mismanagement reflects deeper systemic issues. The report highlighted that these concerns extend beyond the Ministry’s headquarters to other agencies under its supervision, pointing to broader failings in revenue collection and mobilization. To address these challenges, the report included several recommendations, notably calling for a more robust fiscal council.

“We need a stronger fiscal council, not just a committee. All political parties acknowledge the need for such an institution. It is crucial to formalize it with legal backing, ensuring it has the authority to effectively perform its oversight functions,” Mr. Asare urged.

 

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