The finding is part of a recent report published by IMANI Africa and Oxfam Ghana, covering the period from 2021 to 2023. The paper assesses financial recklessness among Ministries, Departments, and Agencies (MDAs).
Finance ministry also held the same position as the most financially indiscipline state institution when similar ranking was conducted between 2015 and 2020.
At the top of the index, is MoF followed by the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health.
A member of the research team, Mr. Dennis Asare at a media briefing disclosed that the nation lost over GH₵ 4.9 billion in 2023 as a result of various financial irregularities.
He further lamented on how such huge missing cash could have been used on various national development efforts and social interventions such as Livelihood Empowerment Against Poverty (LEAP) initiative and the current poor handling of Ghana School Feeding Programme due to inadequate funding.
“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 said.
Mr. Asare explained that the recklessness in handling the nation’s financial resources is systemic and widespread. According to him, the losses extend to other agencies because the ministry of finance mandated to check and stop such malpractices has become the headquarters of financial indiscipline.
The report included proposals to address these avoidable challenges, adding fiscal council ought to be more strengthened to carry out its oversight responsibilities.
Mr. Asare noted it’s time for the council to receive legal backing to exercise its authority.
