Ghana records over GH¢4.9 billion loss due to financial irregularities in 2023 – Report

A joint report released by IMANI Africa and Oxfam Ghana has revealed that Ghana lost over GH¢4.9 billion due to financial irregularities in 2023.

Presenting the findings of the report, a Senior Research Associate at IMANI Africa, Dennis Asare mentioned that these lost funds could have been channeled to social intervention programs that have often received less funding during the period.

Asare noted that programs such as Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Program, among others, continue to struggle financially, impacting vulnerable groups.

Additionally, Dennis Asare labeled the Ministry of Finance (MoF) as the most fiscally reckless public institution in the country because almost 90 percent of the irregularities can be traced back to them.

“The Ministry of Finance is deemed the most fiscally reckless institution because almost 90 percent of the irregularities can be traced back to them. This is the interpretation of the index. We recognize that it serves as a central management agency with oversight responsibilities for other institutions,” he explained.

He clarified that fiscal irresponsibility extends beyond the Ministry’s headquarters and has an impact on other agencies it supervises.

To address these irregularities, the Senior Research Associate advocated for the establishment of a robust fiscal council with strengthened authority to tackle these issues before they escalate.

“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 pointed out.

The third Fiscal Recklessness Index Report was jointly authored and released by policy think tanks IMANI Africa and Oxfam Ghana on Wednesday, October 23, 2024 in Accra.

The report assesses financial irregularities across Ministries, Departments, and Agencies (MDAs).

MA

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