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Sports News of Thursday, 23 June 2016

Source: kasapaonline.com

Management of Youth & Sports Ministry to cough up ‘stolen cash’

Management of the Youth & Sports Ministry are to cough up an undisclosed amount of money as interest on a GH?1,000,000.00 they illegally withdrew from government coffers (Donor Fund Account) and irregularly invested in an undisclosed source for a period of ten months.

The officials whose names are immediately not known are also to refund a total amount of GH?36,479.45 into the Donor Fund Account sponsored by Anglo Gold.

The said amount represents interest accrued on two separate investments totaling GH?2,500,000.00 the officials illegally made at the blind side of the Ministry.

For instance, an amount of GH?1,000,000.00 withdrawn from the Donor Fund Account on April 4, 2010, without authorization and invested for a period of three months yielded GH?32,410.96 while a further GH?1,500,000.00 which was withdrawn on March 15, 2011 and invested in an undisclosed source for two weeks yielded interest of GH?4,068.49 respectively.

The accrued interest, according to the 2014 report of the Audited-General were withdrawn by management of the Ministry immediately they were credited into the Donor Fund Account.

According to the report, the amounts totaling GH?3,500,000.00 were returned after several months without assigning any reasonable explanation for the withdrawals.

However, interests accrued on the said amounts are nowhere to be traced although management have noted paying such into the Donor Fund Account.

According to the report, the response of management was not backed with evidence to substantiate their claim.

The transactions, the report added, were not recorded in the cash book as required by best accounting practices and thereby lacked transparency and accountability.

The authorizing officers, the report directed, should be surcharged with the amount involved and disciplinary action taken against them in accordance with Regulation 8 (1) of the Financial Administration Regulation (FAR).

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