Finance Ministry Named Most Fiscally Reckless Public Institution

The Ministry of Finance (MoF) has once again been identified as the most fiscally reckless public institution in Ghana for the period from 2021 to 2023, retaining the same title it held from 2015 to 2020.

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

This conclusion is part of a report released by policy think tanks IMANI Africa and Oxfam Ghana, which evaluated financial irregularities among Ministries, Departments, and Agencies (MDAs) through the third fiscal recklessness index.

During a media briefing after the report’s launch, Dennis Asare, a senior research associate at IMANI Africa, revealed that the state lost over Ghc 4.9 billion in 2023 due to these financial irregularities.

He highlighted that if this significant amount had been allocated to social intervention programs, it could have bolstered initiatives like the Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Programme.

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

He clarified that the fiscal irresponsibility extends beyond the MoF headquarters to other institutions linked to the Ministry.

Among the primary irregularities identified, Asare highlighted tax discrepancies, underscoring the government’s ineffective revenue mobilization efforts.

He also provided recommendations based on the findings, emphasizing the need to establish a fiscal council with enhanced powers to fulfil its functions effectively.

“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.”

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