Ghana lost GHC3.9 billion to ‘recklessness’ in two years

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A report by think tank IMANI Centre for Policy and Education reveals financial irregularities cost the country GHC3,933,608,067.52, from 2012 to 2014 due to failure to adhere to rules and regulations pertaining to debt management.

The ‘Fiscal Recklessness Index’ says the figure represents 66.21% of total irregularities over the two-year period.

The report also ranks Financial Irregularities at Ministries, Departments and Agencies (MDAs), Boards of Public Corporations, Polytechnics and Pre-University Institutions, revealing further that cash irregularities under the same period amounted to GHC985,181,733.74 representing 16.5% of total irregularities.

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, the report said.

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%”, said the IMANI Ghana Report.

 

Source: myjoyonline