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GHS 1.8 billion lost due to cash irregularities – Audit Report

The Auditor General’s Department has disclosed that an amount of Ghc 1,802,692,515 has been lost due to cash irregularities.

This was contained in the report of the Auditor-General on the public accounts of Ghana: Public boards, corporations, and other statutory institutions for the period ended 31ST December 2020.

Cash irregularities related to the misapplication of funds, nonretirement of imprest, payments not authenticated, payment of Board Allowances to Council Members without Ministerial approval, cash locked up in non-performing investments.

Out of the total figure of GH¢1,802,692,515 cash irregularities, GH¢442,730,876.74 represented cash locked up in non-performing investment by SSNIT.

This is a result of poor oversight responsibility and nonexistent controls. Other contributory include finance officers’ failure to properly file and keep records, Management’s failure to ensure the security and safety of vital documents, non-maintenance of returned cheque registers, Management’s inertia in complying with procedures stipulated in the Public Financial Management Act, and poor accounting systems.

The Auditor-General urged the Managements of the Public Boards, Corporations and other Statutory Institutions to strengthen 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 6 supervisory controls over their finance officers, and ensure that they adhere to the provisions of the Public Financial Management Act, 2016 (Act 921).

He also recommended the authentication of all payment vouchers, prompt payment to bank and full retirement of accountable imprest on due dates.

 

 

By Seth Asiedu|Myxyzonline.com|Ghana

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