The purpose of the study was to assess consultants’ perspective on the effect of risk on public and private construction projects performance in Ghana. The study adopted a quantitative approach involving survey questionnaires administered to respondents of 355 consultants from the Ghana Consulting Engineering Association (GCEA). The data was analysed with SPSS. The study found that the most destructive risk to the construction project performance was related to finances. Further analysis to financial risks relating to public and private projects reveals that the delays in payments, freeze in capital and under-budgeting are rampant in public and private project. The major effects of risk were time-schedule risks, design risks, safety risks and socio-political risks. It is recommended that a prompt payment of construction project by stakeholders is the key to reduce financial risks.