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Ghana has lost a colossal GHS5, 940,767,187.09 ($1.6billion) as a result of financial irregularities recorded in 23 public institutions between 2012 and 2014.

The Public Boards accounted for about Ghs 4.6 billion, followed by Ministries, Departments and Agencies (MDAs) Ghs 1.1 billion, while Polytechnics and Pre- Universities accounted for Ghs84.2million and Ghs 53.6 million respectively.

This was revealed by the IMANI Ghana, a Policy and Education Think Thank at a forum organized to present a report on what it described as the Fiscal Recklessness Index of MDAs, Boards of Public Corporations, Polytechnics and Pre- University Institutions between 2012 and 2014.

The report also ranked the Ministry of Finance as the highest in terms of Ministries, which recorded widespread financial irregularities to the tune of GHS 2.7 billion, followed by Ministry of Energy with Ghs 1.9billion.

The Ministry of Youth and Sports and Ministry of Health secured the third and fourth positions with Ghs 329million and Ghs327 million respectively.

Speaking to the media on the sideline of the report, Lead Policy Analyst at IMANI Ghana, Kofi Boahen expressed worry over the trend of the report.

He described as sad that Ghana could lose such a colossal amount of money, which could have been channeled into development projects to improve the living conditions of Ghanaians.

“We keep saying that there is no money in the country, but I beg to defer. There is money in the country just that the money is going into people’s pockets,” he said.

According to Kofi Boahen, their research findings revealed that these irregularities had occurred due to gross disregard for laws, rules, regulations as well as processes and controls mechanisms.

He charged the Auditor General to exercise the powers arrogated to him, by punishing those who abuse public funds to serve as deterrent to others who may wants to similar thing.

Story By: Michael Creg Afful/omanfm1071.com

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