The government plans to conduct thorough financial and management audit of nine institutions in the public sector. The institutions are the Ghana National Petroleum Company (GNPC), Bulk Oil Storage and Transport (BOST), Tema Oil Refinery (TOR) and Social Security and National Insurance Trust (SSNIT).
Others are the Electricity Company of Ghana (ECG), Ghana Water Company Limited (GWCL), State Insurance Company (SIC), VANEF-STC and Timber Export Development Board.
The Finance Minister, Yaw Osafo Marfo announced this during the presentation of the government's financial statement for the year 2001. Many observers have welcomed the initiative pointing out that companies like the GNPC and TOR would need a total overhauling, as they are directly responsible for a large chunk of the national debt.
SSNIT and SIC have also been cited in financial malfeasance reports by the media. The ECG and GWCL are suffering from low capital and poor maintenance as a result of mismanagement, partly attributed to low tariff charges.
The problem with Vanef-STC points at the overall questionable operations of the Divestiture Implementation Committee (DIC), which has been criticised for lack of transparency. The DIC will also be probed.
