GHS62K of Ghana Free Zones Authority funds disappeared in transit from GCB to BoG – A-G Report

0

An amount of GHS62,837 belonging to the Ghana Free Zones Authority (GFZA) in transit from the Ghana Commercial Bank (GCB) to Bank of Ghana (BOG), disappeared and could not be traced, according to a revelation captured in the Auditor-General’s report on the public accounts of Ghana, public boards, corporations and other statutory institutions for the period ended 31 December 2020.

Read Also: Another ‘bullion van’ attacked on Winneba-Accra road

The Auditor-General has, thus, recommended that GFZA follow up with Bank of Ghana and GCB Bank for the retrieval of the amount.

It was also disclosed that GFZA invested a total amount of GHS17,342,613.97 in three institutions whose licences have been withdrawn, making the recoverability doubtful.

Read Also: BoG to use helicopters to circulate cash over attacks on bullion vans

“We recommended that management should put in place measures to contact the receiver of the affected financial institutions with the aim to retrieve these investments,” the report stated.

The management of GFZA have also not recovered a long-standing debt of GHS2,946,039.18 owed by three of the Free Zone Companies.

Read Also: Bullion van attacks: We’re providing bullet-proof vests, helmets for officers – Ambrose Dery

The Authority further failed to withhold 7.5% tax of US$7,500 from legal fees of US$100,000 paid on land arbitration.

Read Also: Four (4) arrested over James Town Bullion Van attack – photo

The A-G has advised the management to recover the US$7,500 withholding tax from the recipient and pay same to Ghana Revenue Authority.

Also, the report captured that there are several encroachments on portions of Boankra FZ land enclave owned by GFZA and the Authority must ensure to secure the land by forcefully evicting the encroachers or negotiate to relinquish them through legal means.

LEAVE A REPLY

Please enter your comment!
Please enter your name here