The third fiscal recklessness index report, jointly produced by policy think tanks IMANI Africa and Oxfam Ghana, has revealed that Ghana lost over GH₵4.9 billion due to financial irregularities in 2023.
The report disclosed that the lost funds could have significantly bolstered social intervention programmes like the Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Programme.
Speaking about the report, a Senior Research Associate with IMANI Africa, Dennis Asare, stated that the Ministry of Finance was the most fiscally reckless institution.
“The Ministry of Finance is deemed the most fiscally reckless institution because almost 90 percent of the irregularities can be traced back to them. This is the interpretation of the index. We recognise that it serves as a central management agency with oversight responsibilities for other institutions.”
He was, however, quick to add that the fiscal irresponsibility extends beyond the Ministry’s headquarters, affecting other agencies under its oversight.
He cited tax discrepancies as one of the major irregularities, highlighting the government’s struggles with effective revenue mobilisation.
“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.”
The report also indicated that 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.
By: Rainbowradioonline.com/Ghana
