Ministry of Finance Declared Most Fiscally Irresponsible Institution

For the second consecutive time, the Ministry of Finance has been tagged as Ghana's most fiscally reckless public institution by policy think tanks IMANI Africa and Oxfam Ghana. This is not a new ranking, as MoF held this unenviable title between 2015 and 2020 and now holds it for the period between 2021 and 2023. The ranking points to lingering concerns about Ghana's fiscal management.

The report, which was made known at a media briefing, painted a grim view of the financial malfeasance characterizing the various Ministries, Departments, and Agencies in Ghana. In that order, behind the Ministry of Finance came the Ministries of Food and Agriculture, Communication and Digitalisation, Roads and Highways, and Health as ranking among those that were most fiscally irresponsible.

These are losses that run into staggering sums, such as over GHC 4.9 billion, having been mismanaged in 2023 alone. This sum, as stressed by Dennis Asare-a senior research associate at IMANI Africa-could be better utilized for very essential social initiatives such as the Livelihood Empowerment Against Poverty and the Ghana School Feeding Programme. The implication of such fiscal waste is the denial of much-needed support to vulnerable populations.

Mr. Asare added that this impunity of the Ministry of Finance is not restricted to its head office, as it spread to other institutions connected with it. Tax discrepancies featured prominently, revealing a government that had failed in its mobilization of revenues.

He proposed, to this, that there be established a more powerful, legally-based fiscal council with expanded powers. This council must ensure proper monitoring of fiscal policies, such that Ghana's public funds are well managed.

Ghana's development is about fiscal discipline. These incessant falls at the Ministry of Finance need urgent reform if the nation is to avoid further financial setbacks.