The 2024 Auditor-General’s report on Ghana’s public accounts has exposed major shortcomings in contract administration, leading to financial losses amounting to GH¢871,818,832. The irregularities are attributed mainly to public boards, corporations, and statutory bodies failing to enforce contract terms and settle overdue payments.
A significant portion of the loss—GH¢615.9 million—was linked to unpaid Interim Payment Certificates (IPCs) issued to contractors. The report highlights this as a persistent issue stemming from weak internal oversight and delayed fulfillment of financial obligations.
“These were primarily due to delayed payments and the failure to enforce contractual provisions,” the report noted.
In response, the Auditor-General has urged the leadership of the affected institutions to tighten internal controls and ensure that contractual terms are strictly upheld. Strengthening contract enforcement, the report emphasizes, is critical to protecting public funds and restoring integrity in public procurement processes.
“We therefore urged Managements to strengthen controls over contracts and ensure that clauses in contracts are enforced to the letter to safeguard the rights of Public Boards, Corporations, and other Statutory Institutions,” the report stressed.
The scale of the losses marks a troubling trend. The 2024 figure is the highest recorded in the last six years, with previous losses ranging between GH¢4 million and GH¢280 million. This sharp rise underscores growing lapses in contract management, particularly concerning delayed or neglected payments to contractors.
The findings add to concerns over inefficiencies in Ghana’s public financial management systems—concerns that are especially pressing under the country’s current IMF-backed programme, which calls for tighter spending controls and heightened accountability.
