By Kofi Ahovi
The Public Account Committee (PAC) of parliament has recommended the strengthening of Bank of Ghana’s (BoG) internal and supervisory controls over the preparation of statement of foreign exchange receipts and payments.
In the committee’s report on the Auditor-General on the statement of foreign exchange receipts and payments of BoG for the second half of 2008, PAC said the recommendation is to help the central bank to eliminate errors and omissions which occurs during the preparation of such receipts.
“BoG must note that a public document of this nature should not countenance such mistakes,” the report stated.
Total cocoa proceeds received by BoG were erroneously captured as US$946,412,132 due to an omission of cocoa receipt amounting to US$436,283.60. The error was however attributed to misclassification. Also as a result of wrong conversion in the use of currency and reversal of entry, total student transfers of US$3.1 million for the same period was understated by US$13.0 million.
Furthermore, a total of US$240.8 million received from Citibank and payable to Central African Gold Mining Company (Bibiani) in two tranches was omitted during the preparation of the statement, resulting in the understatement of gold receipts for the period.
The report further stated that, during the period under review, not all institutions submitted their account balances as required. 10 out 30 institutions fully submitted as at the end of 2008 while five institutions submitted their account balance without the necessary bank statements.
Meanwhile a total of 15 institutions failed to submit any returns as required, these are Vodafone, Timber Export Division, COCOBOD, Land Title Registry, Minerals Commission, Wexford Goldfields Limited, Ghana Civil Aviation, Ghana National Petroleum Company, Ghana Reinsurance Company, Ghana Supply Company, Tema Oil Refinery, Ghana Manganese Company, Ghana Ports and Harbours, Timber Industry Development Division and Ghana Consolidated Diamonds.
The committee was not pleased with the fact that despite its recommendations in its earlier reports to the floor of Parliament, the practice still persists. It therefore demanded that BoG applies the necessary sanctions on these organizations and report to the committee accordingly.
PAC is expected to submit this report to the floor of parliament tomorrow for consideration and approval.
The Public Account Committee (PAC) of parliament has recommended the strengthening of Bank of Ghana’s (BoG) internal and supervisory controls over the preparation of statement of foreign exchange receipts and payments.
In the committee’s report on the Auditor-General on the statement of foreign exchange receipts and payments of BoG for the second half of 2008, PAC said the recommendation is to help the central bank to eliminate errors and omissions which occurs during the preparation of such receipts.
“BoG must note that a public document of this nature should not countenance such mistakes,” the report stated.
Total cocoa proceeds received by BoG were erroneously captured as US$946,412,132 due to an omission of cocoa receipt amounting to US$436,283.60. The error was however attributed to misclassification. Also as a result of wrong conversion in the use of currency and reversal of entry, total student transfers of US$3.1 million for the same period was understated by US$13.0 million.
Furthermore, a total of US$240.8 million received from Citibank and payable to Central African Gold Mining Company (Bibiani) in two tranches was omitted during the preparation of the statement, resulting in the understatement of gold receipts for the period.
The report further stated that, during the period under review, not all institutions submitted their account balances as required. 10 out 30 institutions fully submitted as at the end of 2008 while five institutions submitted their account balance without the necessary bank statements.
Meanwhile a total of 15 institutions failed to submit any returns as required, these are Vodafone, Timber Export Division, COCOBOD, Land Title Registry, Minerals Commission, Wexford Goldfields Limited, Ghana Civil Aviation, Ghana National Petroleum Company, Ghana Reinsurance Company, Ghana Supply Company, Tema Oil Refinery, Ghana Manganese Company, Ghana Ports and Harbours, Timber Industry Development Division and Ghana Consolidated Diamonds.
The committee was not pleased with the fact that despite its recommendations in its earlier reports to the floor of Parliament, the practice still persists. It therefore demanded that BoG applies the necessary sanctions on these organizations and report to the committee accordingly.
PAC is expected to submit this report to the floor of parliament tomorrow for consideration and approval.
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