A whooping GH¢620,457.32 financial malfeasance has been discovered at the Koforidua Technical University (KTU) after a forensic financial audit.

The audit report released on August 6, 2020, revealed many malfeasance and financial infractions perpetuated by some individuals in the previous administration of the University.

The indicted persons have been asked in a recommendation in the audit report to refund the monies or be prosecuted.

The Council Chairman of the University, Prof. Samuel Nana Obeng Apori on Saturday September 12, during the 16th Congregation and Investiture of the new Vice Chancellor of the University, explained that the perpetrators are not being shielded.

“There is Information about allegation of fraud in Koforidua Technical University amounting to One Million Ghana cedis. Generally, the perception is that the alleged offenders are being shielded. Let me inform everybody that there is a special audit report on the alleged fraud. The actual amount involved was GH¢620,457.73. The report was audited by the Audit Service of Ghana and dated August 6, 2020. This should put to rest all speculations as recommendations as in the report are strictly being adhered to."

Meanwhile, the new management of the University has settled a GH¢5 million debt inherited upon assumption of office in 2017 enabling the University to undertake relatively minor infrastructural projects.

“Having finished payment of debt of about 5 million cedis the Council inherited upon assumption of office in 2017, the Council has allocated 50% that is about 3.5 million cedis of monies collected between September 2019 to August 2020 from its meager Internally Generated Fund for rehabilitation or refurbishment and maintenance of physical structure and upgrade of the University’s Information Communication Technology infrastructure ,data base center and acquisition of tools and equipment to improve the facilitation of Teaching and Learning process,” the Council Chairman explained.

Prof. Obeng Apori said the Coronavirus Pandemic has affected cash flow of the University due to non payment of fees as a results of closure of schools to contain the spread of the virus.

A situation which has been exacerbated by delay in payment of funds to the University by Statutory bodies such as Students Loans Trust Fund, Scholarship Secretariat and GETFUND. He advised, that such bodies must synchronize their disbursement period with academic calendar of the various educational institutions to curb the Challenge .

“Currently the Students Loan Trust does not release fund timely to the beneficiary students. These students are under restraint for not able to pay their school fees on time to register within stipulated period of the academic calendar tertiary and other higher education levels. Students on Scholarship, GETFUND, District Assembly Sponsorship also do not get their disbursement on time.”