Review and Strengthen Asset Declaration System – IMF Report

The International Monetary Fund (IMF) has urged Ghanaian authorities to review and enhance the country’s asset declaration system to promote greater transparency, accountability, and deterrence in public office.

In its 2025 Governance Diagnostic Report, the IMF highlighted significant weaknesses in Ghana’s current framework, governed by Article 286 of the Constitution and the Public Office Holders (Declaration of Assets and Disqualification) Act. The report described the existing system as incomplete and ineffective in preventing corruption.

Key concerns include the exclusion of beneficial ownership and family-held assets from declaration requirements, which creates a loophole for hidden wealth accumulation. The IMF also criticized the current four-year interval for updating declarations, limited only to the start and end of an official’s term, as excessively long given Ghana’s elevated corruption risks.

While the Auditor-General receives asset declarations, verification and enforcement responsibilities rest with the Commission on Human Rights and Administrative Justice (CHRAJ). However, the report pointed out that sanctions lack clarity and effectiveness, weakening compliance incentives. Furthermore, there is no legal mandate enabling the Auditor-General or other institutions to verify declarations or cross-check data with state agencies—significantly undermining the system’s ability to prevent corruption.

Transparency is also lacking, with declarations of high-level officials not made publicly accessible. The report noted the absence of an electronic platform for asset declarations and no publicly available data on compliance levels, limiting oversight by citizens and institutions.

To address these gaps, the IMF recommends expanding disclosure requirements to include beneficial ownership and family assets, shortening filing intervals for updated declarations, introducing verifiable data-sharing mechanisms between institutions, and making asset declarations publicly accessible

The Fund emphasized that meaningful reforms would be a critical step toward strengthening governance integrity and rebuilding public trust in Ghana’s anti-corruption institutions.