Public institutions wasted GH¢18.4bn in 2024 — Auditor-General's report

Public boards, corporations, and statutory institutions in Ghana recorded financial irregularities amounting to GH¢18.4 billion in 2024, the Audit Service of Ghana’s latest report has revealed.

The figure was contained in the “Report of the Auditor-General on the Public Accounts of Ghana: Public Boards, Corporations and Other Statutory Institutions for the period ended 31 December 2024” presented to Parliament on June 5, 2025.

According to the Auditor-General, the irregularities represent a 109% increase from the 2023 figure of GH¢8.8 billion, pointing to a sharp deterioration in financial discipline across public institutions in the country.

“The total irregularities stood at GH¢18,415,673,589, which included US$763,968,667.48 converted to Ghana Cedis at the prevailing exchange rate of GH¢14.70 to US$1 as at 31 December 2024,” the report stated in part.

A comparative analysis from 2020 to 2024 showed that outstanding debts and loans, cash mismanagement, and procurement breaches accounted for the bulk of the financial infractions.

The largest component was outstanding debts and loans, which stood at GH¢12.5 billion, followed by cash irregularities amounting to GH¢4.5 billion.

The report further categorized the irregularities into “recoverable” and “administrative” lapses, noting that over 84% of the total amount could potentially be retrieved if corrective measures are taken by the affected institutions.

“Out of the total irregularities of GH¢18,415,673,589, the recoverable amount of GH¢15,573,745,411 represents 84.57%. The administrative portion of GH¢2,841,928,179 represents 15.43%,” the Auditor-General noted.

The Audit Service called for urgent action to address the recurring financial mismanagement in the public sector because failure to enforce accountability will continue to undermine the country’s economic stability.