Ghana lost over GH₵4.9bn to financial irregularities in 2023 – Report

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A Senior Research Associate with IMANI Africa, Dennis Asare, has revealed that Ghana lost over GH₵4.9 billion due to financial irregularities in 2023.

He noted that these lost funds could have significantly bolstered social intervention programmes like the Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Programme.

Asare made these comments while releasing the third fiscal recklessness index report, jointly produced by policy think tanks IMANI Africa and Oxfam Ghana on Wednesday, October 23. The report assesses financial irregularities across Ministries, Departments, and Agencies (MDAs).

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

Asare clarified that the fiscal irresponsibility extends beyond the Ministry’s headquarters, affecting other agencies under its oversight.

He identified tax discrepancies as one of the major irregularities, highlighting the government’s struggles with effective revenue mobilization.

He also offered recommendations based on the findings, calling for the establishment of a more robust fiscal council with real authority.

“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.”

Aside from the Ministry of Finance (MoF), the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health were also flagged for fiscal recklessness, trailing closely behind the MoF in the rankings.

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