The Ghana Audit Service has reported that Ghana has lost over Ghc 12.8 billion to what it described as irregularities at Public Boards, State Corporations and Statutory Institutions.
According to the Auditor General’s latest report,
Public Boards, Corporations and Statutory Institutions in Ghana recorded a total loss of GHS7,387,774,195 to irregularities for the period ending December 31, 2020.
The report says that signifies a rise of 135 percent of the previous year’s GHS5,468,398,431, leading to a total figure of GHS12,856,172,626 in 2020.
Furthermore, the report indicated that the rise was occasioned mainly by a surge of GHS5,207,442,576 or 107percent in outstanding debtors/loans/recoverable component of the total irregularities for the period ending 31 December 2020.
Again, the report revealed that cash irregularities related to the misapplications of funds, non retirement of imprest, payments not authenticated among others in the year under review.
As a result, the Auditor General has recommended that Management of Public Boards, Corporations and other Statutory Institutions strictly adhere to rules and regulations with regards to debts management.
The Auditor General has also asked the boards, Corporations and Statutory Institutions to put in place proper policies for the management of loans and other receivables as well as ensuring that loans and debts are repaid on due dates to avoid or minimize the occurrence of bad debts.
“I therefore urged the Management of the Public Boards, Corporations and other Statutory institutions to strengthen supervisory controls over their finance officers, and ensure that they adhere to the Provisions of the Public Financial Management Act, 2016 (Act 921),” according to the report.
