Most Tertiary Institutions have their funds locked-up with defunct financial institutions – PAC public hearing

The Auditor General’s report on Ghana’s Public Accounts, including Public Boards, Corporations, and Other Statutory Institutions, for the period ending December 31, 2022, has been reviewed by the Public Accounts Committee.

The Ministry of Education and its Agencies’ audit report was examined by the PAC today.

The following are some of the tertiary institutions that were present before the PAC.

Acenten Appiah Menka University of Skills Training, Ghana Institute of Languages, University of Development Studies (UDS), University of Ghana (UG), Ghana Institute of Journalism (GIJ), Government Technical Training Center, University of Cape Coast (UCC), University of Ghana Enterprises Limited, and University of Professional Studies (UPSA) are among the universities in Ghana.

It was discovered that these institutions are involved in numerous violations, such as uncompetitive procurement, management issues, low liquidity ratios, lockup funds, rental fees, noncompliance with study leave policies, payment of unjustified salaries, etc.

Hon. James Klutse Avedze, the PAC chairman, and MP Ketu South have cautioned the University of Ghana (UG) against using unfair procurement practices. The Committee noted that by using procurement procedures that were against the Procurement Act, the University had violated the law.

He disclosed that procurement violations have frequently been brought up against UG in prior audit reports, and he requested the most recent assurance from university representatives who testified before the PAC public hearing.

However, Hon. James Klutse Avedze, the PAC Chairman, pushed the institutions to put in a lot of effort to retrieve their lock-up funds, which were invested in a few financial institutions.

Source: Ghanatodayonline.com