Ministry of Finance labeled as Ghana’s most fiscally irresponsible public institution

The Ministry of Finance (MoF) has been ranked as Ghana’s most fiscally irresponsible public institution for the period between 2021 and 2023, maintaining the same designation it held from 2015 to 2020.

Following closely in the rankings are the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health.

This conclusion is drawn from a report released by IMANI Africa and Oxfam Ghana, which evaluated financial irregularities across various Ministries, Departments, and Agencies (MDAs) in the third edition of their Fiscal Recklessness Index.

Speaking at a media briefing after the report’s launch, Dennis Asare, Senior Research Associate at IMANI Africa, revealed that the state lost over GHC 4.9 billion in 2023 due to financial irregularities.

Asare noted that this substantial amount, if redirected, could have significantly supported social intervention programs like the Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Programme.

He explained that the Ministry of Finance’s ranking stems from the fact that nearly 90% of the financial irregularities can be traced back to the MoF.

The report acknowledged the MoF’s role as a central management agency with oversight over other institutions, which further contributes to its fiscal recklessness.

Asare pointed out that irregularities, particularly in tax discrepancies, highlight the government’s poor revenue mobilization efforts.

He stressed the need for stronger institutional frameworks to address these issues, recommending the establishment of a more robust fiscal council.

He emphasized that a properly established fiscal council, backed by legal authority, is crucial for ensuring financial accountability across public institutions, noting that all political parties support this initiative.