A joint report produced by IMANI-Africa and Oxfam Ghana has revealed that Ghana lost approximately GH¢4.9 billion due to financial irregularities from 2021 to 2023.

The Fiscal Recklessness Index report by the policy think-tanks ranked the Ministry of Finance as the most fiscally reckless institution among ministries, departments, and agencies in Ghana.

A Senior Research Associate at IMANI-Africa, Dennis Asare explained that the Ministry of Finance serves as an oversight body to other institutions and departments, including the Ghana Revenue Authority. This largely accounted for its 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 highlighted that tax irregularities make up about 90% of fiscal irregularities in Ghana. It mentioned that this could be attributed to Oil Marketing Companies not paying their taxes on time and even failing to pay when given an extension.

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

SSD/MA

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