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A new report by IMANI Ghana has describe the Ministry of Finance as the most fiscally reckless Ministry among all government entities from 2015 to 2023.
The research, based on IMANI’s Fiscal Recklessness Index, highlighted the Ministry’s role in repeated budget overruns, excessive borrowing, and the mismanagement of public funds, which have significantly contributed to Ghana’s economic instability.
Senior Research Associate at IMANI, Dennis Asare, disclosed, “Per our findings, the Ministry of Finance is the most fiscally reckless ministry from 2015-2023.”
These lapses, according to the report, have worsened the country’s rising debt levels, raising concerns about the Ministry’s ability to effectively manage the nation’s finances.
Despite a reduction in financial irregularities from GHC13.94 billion in 2020 to GHC4.89 billion in 2023, the irregularities linked to taxes have intensified.
IMANI’s report stresses the urgency for reforms to plug financial leakages, recommending stronger fiscal policies to restore discipline within the Ministry.
With elections looming, it calls for political parties to prioritize genuine macroeconomic reforms, warning that failure to address these fiscal shortcomings will perpetuate economic instability in the long term.
