Two ex-staff of SEC owe GH¢15,788.16 – AG’s report

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The Auditor General has revealed in his report that two former staff of the Commission who resigned in 2015 and 2016 financial years respectively had an outstanding loan of GH¢15,788.16 as at the end of the year 2019. To that end, the report said “We recommended to Management to ensure that the outstanding balance is collected or considering the circumstances of seeking approval from Parliament for the write-off through the Board.”

With the National Lottery Authority (NLA), the report said ” We noted that there were several Law suits pending at the various
Law Courts with most demanding various sums of monies from the Authority. The Authority should endeavour to avoid such law suits in the future.

“Meanwhile efforts should be made to mitigate the effects of the present position with respect to the law suits.”

“On the central bank, the report said “Bank of Ghana subordinated loan receivable from ADB of GH¢150 million assigned to Financial Investment Trust (FIT) and expensed in the books of the Bank. The Bank interest in FIT’s was also not reported in FIT’s financial statements for the year ended 31 December 2018. Again, the Trust has not been consolidated by Bank of Ghana since its results are considered immaterial to the Bank.

“We recommended to Management to ensure that clear reporting lines are established for FIT to the Bank. The operations of FIT should be monitored and its results consolidated with those of the Bank when required.

“Three (3) letters of credit (LC’s) established on behalf of Ghana Railway Development Authority in 2014 and Ministry of Transport
and Communication has outstanding as at 31 December 2019 US$7,043,340 and US$21,354,000 respectively. We recommended
that, Management should follow up with the relevant agencies to settle the outstanding amounts.

We noted that there were no schedules detailing outstanding transactions for other payables and accruals balances, and
cheques making up Bankers clearing balance of GH¢37,409,166.

” We recommended to Management to assign the responsibility for reconciling ledger accounts to specific individual. The process should be independently monitored to ensure compliance.”

By Laud Nartey||Ghana