Audio By Carbonatix
Ghana recorded a staggering GH¢18.4 billion in financial irregularities in 2024, according to the latest report by the Auditor-General.
The figure represents a sharp rise, more than double—compared to the GH¢8.8 billion recorded in 2023. It also marks a significant reversal after two consecutive years of decline in such irregularities.
The report, which covers public boards, corporations, and other statutory institutions, raises serious concerns about fiscal discipline and the management of public funds in an election year.
The audit outcome, spanning the period ending December 31, 2024, reveals that the bulk of these irregularities—GH¢15.6 billion, or 84.6%—are deemed recoverable.
These include overdue debts owed to the state, unpaid loans and advances, locked-up investments, and other forms of outstanding receivables. The remaining GH¢2.8 billion (15.4%) stems from what the Auditor-General classifies as administrative infractions: procurement violations, delayed contract payments, undocumented store items, and related lapses in financial governance.
Although these administrative issues may not always translate into direct financial losses, they reflect worrying gaps in transparency, efficiency, and compliance with laws governing public financial management.
A closer examination of the trend over the past five years shows an erratic pattern. In 2020, irregularities stood at GH¢12.8 billion before peaking at GH¢17.5 billion in 2021. The figure dropped in 2022 and 2023—GH¢15.1 billion and GH¢8.8 billion, respectively—leading to hopes that reforms were taking effect. However, the dramatic spike in 2024 has dashed that optimism and triggered concerns among financial experts and citizens alike.
A significant share of the irregularities can be traced to the Electricity Company of Ghana (ECG). The state-owned power distributor was found to have under-declared revenue by GH¢2.95 billion, underpaid GH¢1.29 billion in expected revenue to SOEs and independent power producers (IPPs), and spent GH¢75 million on a revenue collection contract with Hubtel Limited without a signed agreement.
The company also paid suppliers through inflated procurement channels, causing losses of US$17 million, and failed to remit GH¢70.9 million in taxes to the Ghana Revenue Authority. Altogether, ECG alone accounts for more than GH¢5 billion of the total national irregularities—a deeply troubling concentration of financial mismanagement.
Other institutions also featured prominently in the report. The Social Security and National Insurance Trust (SSNIT) failed to transfer over GH¢564 million to the National Health Insurance Fund and is struggling to recover over GH¢1.06 billion and US$5.8 million in longstanding staff and institutional loans.
The Minerals Income Investment Fund (MIIF) overpaid a contractor by US$2.98 million, while entities like the National Lottery Authority, Ghana Library Authority, and BOST were cited for failing to remit taxes, failing to procure through the Ghana Electronic Procurement System (GHANEPS), and allowing costly infrastructure delays.
What is perhaps most disturbing is not just the quantum of money involved, but the systemic nature of the failings. The Auditor-General attributes the problem to poor internal controls, management inertia, and flagrant disregard for existing financial laws.
The Public Financial Management Act (Act 921), Public Procurement Act (Act 663), and the Audit Service Act (Act 584) are routinely breached without consequence. In many institutions, Audit Committees are either not functioning or are undermined by weak oversight from governing boards.
The report makes strong recommendations, including that sanctions under the various financial laws be enforced. It calls for Audit Committees to be empowered, internal audit units to be better resourced, and procurement processes to be fully digitized through GHANEPS. In a particularly candid observation, the report notes that if these recommendations had been implemented consistently over the years, many of the recurring issues would have been resolved.
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