Ministry of Finance has once again been identified as the most fiscally irresponsible public institution in Ghana, spanning the years 2021 to 2023. This comes after a similar ranking between 2015 and 2020.
The latest revelation is part of a report published by IMANI Africa and Oxfam Ghana, which analysed financial mismanagement across Ministries, Departments, and Agencies (MDAs) through their third Fiscal Recklessness Index.
The report ranks the Finance Ministry at the top, followed by the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health.
During a media briefing, Dennis Asare, Senior Research Associate at IMANI Africa, disclosed that Ghana lost over GH₵ 4.9 billion in 2023 due to financial irregularities.
Asare highlighted that these losses could have been better utilised in funding social intervention programmes such as the Livelihood Empowerment Against Poverty (LEAP) initiative and the Ghana School Feeding Programme.
“The Ministry of Finance is considered the most fiscally reckless institution because nearly 90% of the identified irregularities can be traced back to it,” he stated.
Asare explained that as a central management agency responsible for overseeing various institutions, the Ministry of Finance’s financial mismanagement highlights deeper systemic problems. He further noted that this fiscal recklessness extends beyond the Ministry’s headquarters to include the agencies under its jurisdiction.
One of the major concerns identified in the report was the government’s inadequate tax collection, revealing significant weaknesses in revenue mobilisation efforts.
The report also offered recommendations to tackle these issues, emphasising the need to establish a more empowered fiscal council to enhance oversight and accountability.
“We need a stronger fiscal council, not just a committee. All political parties agree on the importance of such an institution. Now is the time to formalise it with legal backing and ensure it has the authority to perform its critical oversight functions effectively,” Mr Asare urged.