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The Public Accounts Committee (PAC) recently conducted a thorough review of the Auditor-General’s report on the Public Accounts of Ghana, focusing on public boards, corporations, and statutory institutions for the period ending December 31, 2022. Among the entities under scrutiny were various tertiary institutions, shedding light on a myriad of financial infractions.
Representatives from prominent institutions such as the University of Development Studies (UDS), University of Ghana (UG), Ghana Institute of Journalism (GIJ), and others were summoned before the PAC to address issues ranging from uncompetitive procurement practices to mismanagement of funds.
Of particular concern was the revelation that many tertiary institutions had funds locked up in defunct financial institutions, rendering them inaccessible for operational purposes. Additionally, instances of uncompetitive procurement, management issues, low liquidity ratios, and failure to return to post after study leave were brought to the forefront.
In a stern warning, Hon. James Klutse Avedze, Chairman of PAC and MP for Ketu South, cautioned the University of Ghana (UG) against engaging in uncompetitive procurement practices, citing previous breaches of procurement laws. This recurrent issue underscores the need for immediate corrective action to ensure compliance with regulations and prudent financial management.
Furthermore, Hon. Avedze urged all implicated institutions to prioritize the recovery of their locked-up funds, emphasizing the importance of proactive measures to mitigate financial risks and safeguard institutional assets.
