A collaborative report from IMANI-Africa and Oxfam Ghana has indicated that Ghana incurred a loss of roughly GH¢4.9 billion due to financial misconduct between 2021 and 2023.
The Fiscal Recklessness Index, compiled by these policy think tanks, identified the Ministry of Finance as the most fiscally irresponsible institution among various ministries, departments, and agencies in the country.
Dennis Asare, a Senior Research Associate at IMANI-Africa, pointed out that the Ministry of Finance oversees other institutions and departments, such as the Ghana Revenue Authority, which significantly contributed to its high ranking on the fiscal recklessness index.
“The aim of the report was to examine the financial irregularities of ministries, departments, and agencies between 2021 and 2023. This figure is around GH¢4.9 billion cedis, equivalent to 2.3% of our GDP in 2023, which is very significant,” he told journalists at the report’s launch on October 23, 2024.
The report emphasized that approximately 90% of fiscal irregularities in Ghana are due to tax-related issues. It noted that this situation can be largely blamed on Oil Marketing Companies, which not only delay tax payments but also neglect to settle their dues even when granted extensions.
List of top 10 institutions that are financially irresponsible in Ghana per the report:
1. Ministry of Finance
2. Ministry of Food and Agriculture
3. Ministry of Communications
4. Ministry of Roads and Highways
5. Ministry of Health
6. Justice and Attorney General
7. Ministry of Education
8. Ministry of Fisheries and Aquaculture
9. Ministry of Lands and Natural Resources
10. Ministry of Interior