GH¢61 billion of state funds locked up with companies, state institutions

The Public Accounts Committee (PAC) of Parliament has sharply criticized the Controller and Accountant General’s Department (CAGD) for its failure to recover GH¢61 billion in state funds that remain locked with various companies and state institutions across the country.

The PAC’s concerns were raised during a recent session in Parliament, where members reviewed the 2023 Auditor-General’s report on the public accounts of Ghana, focusing on public boards, corporations, and other statutory institutions.

The report disclosed that of the GH¢61 billion owed to the state, only GH¢46 million has been retrieved so far, leaving a significant amount uncollected.

The Auditor-General’s report recommended that the CAGD implement a more effective tracking system to ensure that all financial transfers are accurately recorded and easily traceable. This would aid in the recovery of outstanding funds and prevent further losses.

Appearing before the Committee, Acting Controller and Accountant General, Mr. Kwasi Adjei, admitted to the Department’s shortcomings but pointed out that they operate under the Ministry of Finance, providing public financial management services to the government and the public.

He also mentioned the establishment of a joint committee between the CAGD and the Ministry of Finance, which is tasked with overseeing the recovery of the outstanding debts.

In related proceedings, the Minister of Youth and Sports, Mustapha Yussif, led officers from the National Youth Authority and the National Sports Authority to respond to queries raised by the Auditor-General.

The Ghana Water Company Limited was also represented by the Deputy Minister of Sanitation and Water Resources, Aminu Issahaku Chinnia, who faced questions from the Committee regarding their financial management practices.

Source: graphiconline