By Charles Née Quaye, Accra
A storm of controversy has erupted over Ghana’s Tax Refund Account, as revelations from the 2025 budget presentation in Parliament raise serious concerns about the alleged mismanagement of funds.
Dr. Cassiel Ato Forson disclosed that the Tax Refund Account had accrued GH¢29.11 billion between 2017 and 2024. Shockingly, only GH¢12.5 billion—a mere 43%—was used for actual tax refunds, leaving GH¢16.6 billion unaccounted for or allegedly misapplied, violating multiple financial regulations, including the Revenue Administration Act (Act 915) and the Public Financial Management Act (Act 921).
The former Finance Minister, Kenneth Nana Yaw Ofori-Atta, now faces scrutiny as one of five cases under investigation by the Office of the Special Prosecutor (OSP). This particular probe focuses on the application of funds within the Tax Refund Account during his tenure. With billions of Ghanaian cedis hanging in the balance, the inquiry is expected to shed light on the handling of taxpayer funds over the last eight years.
Meanwhile, in March 2025, Dr. Ato Forson spearheaded a major overhaul of the tax refund system, introducing a new cap on accrual percentages to curb misuse. The reform reduced the percentage from six to four percent of total domestic revenue, a move projected to save GH¢3.8 billion in 2025 alone. These savings are earmarked for crucial sectors, including infrastructure improvements, healthcare expansion, and education funding—fully backing the Free Sanitary Pads programme for Ghana’s students.
The case against Ofori-Atta is just one of five investigations initiated by the OSP. As calls for accountability intensify, pressure mounts for the former Finance Minister to appear before the authorities without further delay. Allegations of illness, critics argue, cannot shield him from facing justice and answering critical questions about the missing GH¢16.6 billion.
The people of Ghana await clarity—and perhaps, justice.
Oh, Mother Ghana, what a heck is going on? After all the misappropriation of funds and corruptions by politicians and top executives, which led to the various military coups, the fear of God has still not been instilled in our political system!
Do the politicians who indulge in such negative and unscrupulous behaviors think they would be in power for ever and their bad and corrupt practices would never be uncovered!
Instead of governing and instituting measures that would prevent hyperinflation, they allow the system to get out of control and the cost of living to become unbearable for all!
When are our politicians going to learn from the past mistakes and institute measures that will make the cost of living and other living conditions bearable for!
People of Ghana and Africa, please wake up! We are becoming an embarrassment to the rest of the world!
Clement D. Timpo