- GH¢61 billion locked up with companies in Ghana.
- GH¢57 million belongs to MMDAs, GH¢5.6 billion to state-owned enterprises.
- Committee established to recover debt.
- Insolvent companies to be written off, others to be pursued.
The Auditor General’s report, currently under review by the Public Accounts Committee (PAC) of Ghana’s Parliament, has uncovered a staggering revelation. Over GH¢61 billion belonging to various state institutions is locked up with different companies and institutions across the country.
The report reveals that a significant portion of this amount, GH¢57 million, belongs to Metropolitan, Municipal, and District Assemblies (MMDAs). The remaining GH¢5.6 billion is owed to state-owned enterprises.
The Controller and Accountant General, Mr. Kwasi Adjei, appeared before the PAC on Monday, August 19, 2024, to answer questions from committee members. He disclosed that a committee has been established to oversee the recovery of the debt.
Mr. Adjei explained that the committee comprises officers from the Auditor General’s department and the Ministry of Finance. They have obtained a list of all the companies involved and are working to recover the debt.
According to Mr. Adjei, some of the companies are insolvent and no longer exist. However, the committee will pursue those that are still operational to recover the amount owed.
For the insolvent companies, the committee will recommend a write-off to the Ministry and Parliament. Mr. Adjei assured the committee that they will leave no stone unturned in their efforts to recover the debt.
The PAC members expressed concern over the large amount of money locked up with these companies. They questioned how this situation was allowed to occur and what measures are being taken to prevent it in the future.
Mr. Adjei attributed the situation to a lack of proper oversight and monitoring. He assured the committee that steps are being taken to strengthen internal controls and prevent similar situations from arising.
The recovery of the debt is expected to be a challenging task. However, the committee is determined to ensure that the funds are recovered and returned to the state institutions.
The PAC’s review of the Auditor General’s report is ongoing. Further revelations are expected as the committee continues to scrutinize the report and hold officials accountable for their actions.
