The Acting Director-General of the Securities and Exchange Commission (SEC), Dr. James Klutse Avedzi, has strongly criticized the state’s failure to prosecute public officials cited for financial mismanagement, warning that the country will continue to suffer massive losses unless action is taken. Speaking in an interview on The Class Morning Show with Kwame Dwomoh-Agyemang  Dr. Avedzi, who previously chaired the Public Accounts Committee (PAC) in Parliament, said one of Ghana’s greatest weaknesses is the lack of enforcement and accountability regarding financial infractions within the public sector. He explained that although the Auditor-General submits annual reports to Parliament highlighting mismanagement and irregularities in various state institutions, recommendations made by the Public Accounts Committee   including calls for prosecution   are often ignored by the Attorney General’s Department.

“The Public Accounts Committee does not have prosecutorial powers. That responsibility lies with the Attorney General. But even after Parliament adopts recommendations for prosecution, nothing happens. And because of this, public officials feel emboldened to continue misusing state funds,” Dr. Avedzi lamented.

According to him, this culture of impunity has led to the loss of huge sums of money, and until government begins punishing offenders, the situation will persist.

He added, “If we begin to prosecute people and recover money, it will serve as a deterrent. But because we don’t, people go and lie before the PAC, knowing that nothing will come out of it.”

Beyond accountability, Dr. Avedzi also spoke about Ghana’s broader economic outlook. Responding to questions about whether the current IMF programme could be the last, he emphasized that avoiding future bailouts depends on proper management of the economy and efficient revenue mobilisation.

“If government raises revenue through taxes and manages it well, citizens will be willing to pay more. But they must see evidence that the money is being used judiciously for their benefit,” he noted.

He stressed that taxation should not be the only focus. Ghana’s natural resources   including gold, oil, timber, cocoa, and others   must be properly managed to generate sustainable income for national development.

Citing the example of mineral-rich communities such as Tarkwa, Obuasi, and Akwatia, he decried how poor negotiations with foreign companies have left host communities impoverished.

“In some cases, foreign mining firms take up to 80% of the benefits while Ghana gets less than 20%. That must change. We must renegotiate deals to favour our people,” he added.

He commended the current government’s efforts to restructure the mining sector through the newly formed Gold Board, which now limits mining licenses to Ghanaians and restricts the export of gold to routes regulated by the board.