Ghana's Finance Minister, Dr. Cassiel Ato Forson, has raised significant concern about the substantial waste prevalent within the public sector. He calls for a more effective internal audit system to protect public resources and bolster financial discipline. This initiative aims to address weaknesses in accountability structures that lead to financial irregularities.
These weaknesses contribute to considerable losses for taxpayers and erode public confidence in financial management. The Minister highlights the urgent need to prevent fiscal mismanagement within state institutions. Stronger internal audits will help enforce compliance with established financial regulations.
This call for tighter financial controls comes as Ghana grapples with fiscal challenges and a push for greater accountability. Recent data indicate the government missed revenue and borrowing targets despite claims of stability. For instance, nearly GHS 24 billion of the 2026 Q1 budget remained unspent as revenue shrunk by GHS 2.7 billion. Such figures underscore the critical need for efficient public financial administration and reduced waste.
Speaking at the inauguration of the Internal Audit Agency's (IAA) Governing Board on June 14, 2026, Dr. Forson emphasized professional development for internal auditors. He believes a well-trained workforce is vital for improving oversight and managing risks across government. Minister Forson stated, “The level of waste is too high, and the Ghanaian taxpayer is losing too much. We need to find a way to fix it.”
Looking ahead, the success of these reforms should reflect in improved outcomes in future Auditor-General’s reports. These reports often highlight ongoing weaknesses in public sector financial management. Decision-makers and financial markets will watch closely to see if accelerated action reduces government expenditure and improves fiscal health. Enhanced transparency and stricter audit enforcement could improve Ghana’s economy.
The government's commitment to supporting these reforms aims to make the Internal Audit Agency more independent and impactful. Chairman Professor Joshua Yindenaba Abor, responding on behalf of the new Board, pledged to uphold accountability. He also promised to ensure value for money in public resource management. This concerted effort is critical for Ghana's economic stability and for restoring faith in public institutions.