Deputy Finance Minister calls for stronger internal controls to protect public funds

Deputy Finance Minister Thomas Nyarko Ampem has advocated for enhanced internal controls within public organizations to deter financial mismanagement and protect public funds. He emphasized that robust internal auditing is vital for responsible management of public resources in alignment with the government's New Economy strategy.

At the Institute of Internal Auditors Ghana's 25th anniversary, Ampem urged internal auditors to shift from merely identifying flaws to preventing financial losses. Ghana's development goals necessitate substantial investments in infrastructure, skills, technology, and enterprises, necessitating the safeguarding of limited public funds from wastage and mismanagement.

Ampem, on behalf of Finance Minister Dr. Cassiel Ato Forson, referenced 2025 Auditor-General reports indicating a 62.9% reduction in financial irregularities across five public institution categories, from GH¢20.72 billion in 2024 to GH¢7.69 billion in 2025. While welcoming this decline, Ampem stressed that the remaining irregularities underscore the ongoing need for stronger accountability and public financial management.

He highlighted audit findings that revealed GH¢8.1 billion out of GH¢68.7 billion in submitted claims were rejected due to issues like inadequate documentation, duplicate claims, falsified receipts, and unfulfilled work claims. Ampem stressed that it is more effective to prevent improper payments than to attempt recovery years later.

He called for internal auditors to intensify scrutiny of procurement, payroll, and major investments to identify risks early and prevent public fund misuse. Ampem advocated for the use of data analytics, digital tools, and continuous risk assessment, emphasizing that digitalization requires professional competence, independence, and accountability.

He urged institution heads to empower internal auditors, preserve their independence, and promptly act on audit recommendations to prevent recurring weaknesses. The effectiveness of the government's New Economy agenda hinges not only on resource mobilization but also on the effective safeguarding and utilization of funds. Ampem cautioned that continued waste and financial losses would undermine efforts to build a productive, industrialized, and resilient economy.