Ghana recorded financial losses exceeding GH₵ 4.9 billion in 2023 due to irregularities within public institutions, according to a report released by policy think tanks IMANI Africa and Oxfam Ghana.

The report, part of the Fiscal Recklessness Index, highlights persistent financial mismanagement across several Ministries, Departments, and Agencies (MDAs), with the Ministry of Finance (MoF) identified as the main culprit.

Presenting the findings, the Senior Research Associate at IMANI Africa, Dennis Asare explained that these financial irregularities reflect weak oversight and poor fiscal responsibility across government institutions.

According to him, the staggering losses could have been redirected to support critical social programmes.

“With over GH₵4.9 billion lost, initiatives like the Livelihood Empowerment Against Poverty (LEAP) and the Ghana School Feeding Programme could have been significantly strengthened to alleviate poverty and hunger,” Mr Asare stated during a media briefing.

The Ministry of Finance was singled out for being responsible for nearly 90% of the irregularities, according to the report. Asare explained that as a central agency with oversight functions, the Ministry’s financial misconduct influences broader inefficiencies in other public institutions.

With the report identifying tax discrepancies and ineffective revenue mobilization as key contributors to the financial losses, Mr Asare warned that unless urgent reforms are implemented, the country risks further fiscal instability.

“We need a legally-backed fiscal council with real authority to provide effective oversight. Past attempts have been insufficient, and political consensus now exists to establish a more robust structure. This is an opportunity we must seize,” he recommended.