• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Thursday, June 30, 2022
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Over GHS12.8 billion lost through irregularities by statutory institutions in 2020 – Audit report

Godwin Akweiteh AlloteybyGodwin Akweiteh Allotey
August 11, 2021
Reading Time: 2 mins read
ShareShareShareShare

A report released by the Auditor General’s Department suggests that Ghana lost over GHS12.8 billion due to infractions and other irregularities committed by statutory institutions in the year 2020.

Some of the infractions included contract irregularities, tax irregularities, procurement irregularities, payroll irregularities, cash irregularities, challenges retrieving loans from debtors among others.

The report notes that outstanding debts and challenges in retrieving loans from debtors accounted for a chunk of the irregularities perpetrated by the statutory institutions, GHS10 billion.

This was followed by cash irregularities which accounted for over GHS1.8 billion and procurement irregularities, GHS848 million.

Contract irregularities also accounted for GHS89.8 million out of the total sum of GHS12.8 billion.

“The total irregularities stood at GH¢12,856,172,626 which included US$918,285,771.95 converted into Cedis at the prevailing exchange rate of GH¢5.7602 to the US$1 as at 31 December 2020, and €647,815.00 converted into Cedis at the prevailing exchange rate of GHS7.0643 to €1 as at 31 December 2020 and 464, 963.13 converted into Cedis at the prevailing exchange rate of GHS7.8742 to £1 as at 31 December 2020.”

“The total irregularities figure of GH¢718,085,208 for 2016 increased to GH¢12,002,880,339 in 2017. The irregularities declined by GH¢8,995,621,415 in 2018 to GH¢3,007,258,924. However, the total irregularities increased by 81.8% from the 2018 figure of GH¢3,007,258,924 to GH¢5,468,398,431 in 2019. During the period ending 31 December 2020 the total irregularities recorded a 135% or GH¢7,387,774,195 rise from GH¢5,468,334,006 in 2019 total irregularities figure to GH¢12,856,172,626 in 2020. This was occasioned mainly by a surge of GH¢5,207,442,576 or 107% in outstanding debtors/loans/recoverable component of the total irregularities for the period ending 31 December 2020,” the report added.

On outstanding loans/debtors, the Auditor General among other things recommended that the Management of Public Boards, Corporations and other Statutory Institutions should strictly adhere to rules and regulations with regard to debts management.

“They should also 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 minimise the occurrence of bad debts.”

On cash irregularities which have to do with misapplication of funds, non-retirement of imprest, payments not authenticated, payment of Board Allowances to Council Members without Ministerial approval, cash locked up in non-performing investments, the Auditor General recommended the following:

“I, therefore, urged the Managements 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). I also recommended the authentication of all payment vouchers, prompt payment to bank and full retirement of accountable imprest on due dates.”

The document is titled: “Report of the Auditor-General on the public accounts of Ghana-public boards, corporations and other statutory institutions for the year ended 31 December 2020”.

 

Click here to read the full report

ShareTweetSendSend
Previous Post

John Baguri wins UMaT SRC presidential election; takes seat as member of University Council

Next Post

Prioritise new regions in one million jobs agenda – TUC to government

Related Posts

Top Stories

Police commend protestors, officers for ‘successful’ day two of Arise Ghana demo

June 29, 2022
General

GUBA leads Ghana Post to meet leadership of Royal Mail UK

June 29, 2022
General

Tourism Authority’s Senior staff to begin SSA week celebration on July 1

June 29, 2022
Business

#CitiBusinessFestival: Absa Bank Ghana asks agribusinesses to come for financial support

June 29, 2022
Top Stories

4 suspected robbers shot dead by police on Bekwai-Cape Coast road

June 29, 2022
News

Structural challenges affecting agric sector must be fixed – Ofori-Atta

June 29, 2022
Next Post

Prioritise new regions in one million jobs agenda - TUC to government

TOP STORIES

Police commend protestors, officers for ‘successful’ day two of Arise Ghana demo

June 29, 2022

There’re obvious attempts to create instability in Ghana – Oppong Nkrumah

June 29, 2022

#CitiBusinessFestival: Absa Bank Ghana asks agribusinesses to come for financial support

June 29, 2022
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT