Business News of 2014-05-23

Pre-tertiary institutions advised to stick to business regulations

The Chairman of the Public Accounts Committee of Parliament, Mr Kwaku Agyeman-Manu, has expressed dissatisfaction over the Auditor-General’s report on pre-university educational institutions in the country.

He has, therefore, urged those institutions to follow due process when conducting business on behalf of the institutions.

He was speaking at the public hearing of pre-university institutions from the Greater Accra, Eastern and Volta regions for the year ending December 31, 2010 and 2011.

Expenditure

The committee is looking into estimates covering recurrent expenditures and incomes which did not receive prior approval from the board of governors before submission to the regional directors of education, failure to submit financial statements, among others.

Mr Agyeman-Manu said 13 institutions, including two educational units, did not submit their financial statements for 2013 while seven schools failed to do so for 2011.

“In all, the 16 cases of irregularities, under five broad categories, covering cash, payroll, procurement, stores and tax were detected: There was at least one school mentioned to have not complied with the regulations or guidelines for both years,” he added.

He was not happy that although the public hearings started four years ago, the frequency of irregularities had not reduced.

He reminded the institutions that the public hearings were part of Parliament’s oversight responsibility and that that was being done in the spirit of transparency and accountability with regard to the management of the nation’s resources.

Mr Agyeman- Manu commended the Ministry of Education and STAR- Ghana for facilitating the organisation of the exercise.