Tuesday, 30 August 2011

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.

For more news and expert analysis about Ghana, please see Ghana Politics & Security.

© 2011 Menas Associates

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