The Ministry of Finance (MoF) has been ranked as the most fiscally reckless public institution in Ghana from 2021 to 2023, maintaining its position from 2015 to 2020.
Following the MoF in the rankings are the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health.
This assessment is part of the third fiscal recklessness index report released by policy think tanks IMANI Africa and Oxfam Ghana, which evaluates financial irregularities among Ministries, Departments, and Agencies (MDAs).
During a media briefing after the report’s launch, Dennis Asare, a senior research associate with IMANI Africa, revealed that Ghana lost over GH₵4.9 billion due to financial irregularities in 2023.
He highlighted that these lost funds could have significantly benefited social intervention programmes, such as the Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Programme.
Asare stated, “The Ministry of Finance is deemed the most fiscally reckless institution because almost ninety per cent 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 clarified that the fiscal irresponsibility extends beyond the MoF headquarters to other institutions linked to the Ministry.
Among the primary irregularities identified, Asare highlighted tax discrepancies, underscoring the government’s ineffective revenue mobilization efforts.
He also provided recommendations based on the findings, emphasizing the need to establish a fiscal council with enhanced powers to fulfil its functions effectively.
“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.”
By: Daniel Oduro-Mensah
