IMANI centre for policy and education in a report of Ghana’s economy has revealed that financial irregularities have cost Ghana GHC 5.9 billion from 2012 to 2014.
According to the report, administrator’s failure in adhering to rules and regulations about debt management has cost the country so much.
The "Fiscal Recklessness Index" indicates that the figure represents 66.21% of total irregularities over the two-year period.
It also ranked financial irregularities at Ministries, Departments, and Agencies (MDAs), Boards of Public Corporations, Polytechnics and Pre-University Institutions as the highest with cash irregularities under the same period amounting to GHC985,181,733.74 representing 16.5% of total abnormalities.
The report revealed consistent non-recourse to procurement committees and provisions provided in the Public Procurement Act amounted to GHC 119,714,853.29 representing 2.02% of total irregularities.
Tax irregularities resulted in MDAs losing GHC290,749,374.37, representing 4.8% of total irregularities.
“Contract irregularities due to failings in strengthening controls and non-compliance with tendering procedures, amounted to GHS 322,940,570.12 representing 5.4%,” the report added.
“Contract irregularities due to failings in strengthening controls and non-compliance with tendering procedures, amounted to GHS 322,940,570.12 representing 5.4%”, said the IMANI Ghana Report