Ministry of Finance labelled as the most fiscally reckless public institution

The Ministry of Finance (MoF), which was named Ghana's most fiscally reckless public institution from 2015 to 2020, has retained that unenviable title for 2021–2023.

The Ministries of Food and Agriculture, Roads and Highways, Communication and Digitalization, and Health rank after the Ministry of Finance.

This finding is included in a report published by the policy think tanks Oxfam Ghana and IMANI Africa, which used the third fiscal recklessness index to assess financial anomalies among Ministries, Departments, and Agencies (MDAs).

Dennis Asare, senior research associate at IMANI Africa, disclosed that the state lost more than GH¢4.9 billion in 2023 as a result of these financial irregularities during a media briefing following the report's release.

He emphasised that this sizeable sum could have supported programs like the Ghana School Feeding Program and the Livelihood Empowerment Against Poverty (LEAP) if it had been directed toward social intervention activities.

“The Ministry of Finance is deemed the most fiscally reckless institution because almost 90% 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,” Dennis Asare stated.

He explained that other organizations connected to the Ministry are also affected by the financial irresponsibility, in addition to the MoF headquarters.

Asare emphasised tax disparities as one of the main anomalies found, highlighting the government's inadequate efforts to raise money.

Based on the results, he also offered suggestions, highlighting the necessity of creating a fiscal council with more authority to carry out its duties.

“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.”

KA

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