State funds worth GH¢61 billion locked up with state institutions

The recent sitting of the Public Accounts Committee of Parliament disclosed that an amount of GH¢61 billion has been locked with various companies and state institutions across the country.

This is due to the failure of the Controller and Accountant General’s Department (CAGD) to recover all the locked-up funds, graphic.com reports.

During a review of the 2023 Auditor-General’s report at the PAC sitting, the committee members criticised the Controller and Accountant General’s Department following a disclosure by the report that of the GH¢61 billion owed to the state, only GH¢46 million has been retrieved so far, leaving a significant amount uncollected.

The report, in its recommendation, said that the CAGD should implement an effective tracking system to ensure all financial transfers made are easily traceable and recorded accurately, to aid in the recovery of funds and prevent further losses.

However, the Acting Controller and Accountant-General, Kwasi Adjei, explained to the PAC that the institution’s inability to recover the funds is due to its operation under the Ministry of Finance.

According to him, he said they provide public financial management services to the government and the public.

He further mentioned that a joint committee between the CAGD and the Ministry of Finance has been established to specifically oversee the recovery of the outstanding debts.

MAG/AE

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