GH¢57 million belonging to MMDAs locked up in investment institutions - PAC

The Auditor General’s report, currently being reviewed by the Public Account Committee (PAC) of Ghana’s Parliament, has revealed that over GH¢61 billion belonging to some state institutions are locked up with various companies and institutions across the country.

Out of the total sum of GH¢61 billion, GH¢57 million belongs to different Metropolitan, Municipal, and District Assemblies (MMDAs), while the remaining GH¢5.6 billion belongs to state-owned enterprises.

The Controller and Accountant General, Kwasi Adjei, made the revelation when he appeared before PAC to answer questions from members of the committee on Monday, 19 August 2024 at the Parliament House.

According to him, a committee has been established to oversee the recovery of the debt.

“It is a committee made up of officers from auditor general department and the Ministry of Finance, and they have gotten the list of all those companies,” he explained.

“Mr Chairman, some of these companies are insolvent and don’t exist but we will go after those that are still solvent and make sure that we recover this amount and then those that are insolvent too, we will make a recommendation to the Ministry and Parliament for a write-off,” Mr Adjei assured the committee.