Policy think-tank IMANI Africa has called for the establishment of an independent council to address fiscal recklessness in public sector financial management, as a report cites Finance Ministry as worst culprit.

This follows the release of IMANI Afica’s collaborative report with Oxfam Ghana, which evaluated financial irregularities among Ministries, Departments, and Agencies (MDAs) in its third edition of Fiscal Recklessness Index.

The report ranked the Finance Ministry as the most reckless institution in Ghana, attributing over GH₵ 4.9 billion in financial losses in 2023 to various irregularities.

Speaking at a media briefing, Senior Research Associate at IMANI Africa, Dennis Asare, criticised the Finance Ministry for its incompetence, stating:“The Ministry of Finance is considered the most fiscally reckless institution because nearly 90% of the identified irregularities can be traced back to it.”

Mr. Asare added that these significant financial losses could have been redirected to essential social intervention programmes such as the Livelihood Empowerment Against Poverty (LEAP) initiative and the Ghana School Feeding Programme.

He called for the creation of a legally backed, independent fiscal authority to provide critical oversight of the country's financial system.“We need a stronger fiscal council, not just a committee. All political parties agree on the importance of such an institution. Now is the time to formalise it with legal backing and ensure it has the authority to perform its critical oversight functions effectively,” he urged.

However, former Auditor-General Daniel Yaw Domelevo opposed the idea of establishing a Fiscal Council as a solution to fiscal mismanagement in the public sector.

His view is that: “the Attorney-General, the Auditor-General, the Director-General of the Internal Audit Agency, and the Public Accounts Committee—these institutions, we should wake them up.”