Sankofaonline News Feature
Accra, November 14, 2025 – Finance Minister Dr. Cassiel Ato Forson has delivered a sobering account of Ghana’s financial state, alleging that the previous administration under President Nana Addo Dankwa Akufo-Addo and Vice President Dr. Mahamudu Bawumia left behind a trail of dubious claims and fiscal abuses. His revelations, grounded in ongoing audits, highlight the staggering cost of mismanagement to the Ghanaian economy.
Audit Results and Pending Reviews
- GH₵68.8 billion in payables were submitted for audit.
- GH₵47.8 billion validated as legitimate obligations.
- GH₵8.6 billion remains under review due to inadequate documentation and missing data.
- Over GH₵10 billion in claims have already been rejected as invalid, involving duplicated invoices, falsified receipts, and payments for uncompleted work.
Forson stressed that without the audit, nearly GH₵1 billion was poised for disbursement through bank transfers, funds that would have been lost to fraudulent claims.
Allegations of Abuse and Misuse
The Finance Minister alleged that abuse in the use of funds dates back to April 2020, with irregularities spanning multiple sectors. Independent analyses estimate the broader cost of mismanagement under the Nana Addo-Bawumia government at $12.25 billion USD (GH₵98 billion), broken down as follows:
- GH₵60 billion losses from the Domestic Debt Exchange Program.
- GH₵10 billion impairment of COCOBOD loans, destabilizing agriculture.
- GH₵15 billion in energy sector debts from overpayments and unfulfilled contracts.
- GH₵5 billion lost through procurement breaches.
- GH₵8 billion mismanagement of COVID-19 relief funds.
Economic Cost and National Impact
The cumulative effect of these allegations is profound:
- Investor confidence weakened, with debt restructuring impairing financial institutions.
- Agricultural productivity undermined, hurting farmers and food security.
- Energy sector instability, increasing liabilities and threatening power supply.
- Public debt ballooned, constraining fiscal space for development.
Forson argued that these losses represent not just numbers but missed opportunities for infrastructure, healthcare, and education, eroding the nation’s capacity to deliver essential services.
Dr. Forson reinforced the urgency of safeguarding national resources, emphasizing that the audit process is a moral and fiscal imperative. He called for vigilance to ensure that every cedi is accounted for and directed toward genuine obligations.
Sankofaonline Perspective
This audit revelation is a watershed moment in Ghana’s fiscal history. The alleged losses, amounting to nearly GH₵100 billion, illustrate the devastating impact of mismanagement on national development. As the Mahama government pursues accountability and reform, the Ghanaian diaspora and citizens alike will demand that transparency and discipline replace the excesses of the past.
By Sankofaonline News Desk
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