US$1.8 billion dollars unaccounted for

Government agencies in Ghana cannot account for GH¢2.7 billion (US$1.8 billion) of public funds for 2008 and 2009, according to a report by Auditor-General Richard Quartey. The missing money is a result of irregularities and errors in financial management.

The missing amount includes GH¢2.5 billion in salary over-payment, outstanding loans and debts owed to the Customs, Excise and Preventive Service (CEPS) by a number of oil marketing companies amounting to GH¢28.9 million, GH¢7.4 million in uncollected taxes, and misappropriation of public funds to the tune of GH¢226.3 million.

The report was the subject of scrutiny by the Public Accounts Committee of Parliament on 17th August.

It noted that the discrepancies arose from ineffective supervision over scheduled officers and a lack of adequate monitoring. It urged the country's revenue agencies to toughen their internal control systems in order to perform their duties effectively according to tax laws.

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