Only GH¢100,000 out of the GH¢1.23 million of the University of Ghana's (UG) Research and Development Fund locked up in a private investment firm has been redeemed.

The 2021 Auditor General’s Report, had cited over GH¢1.23 million of Research and Development Fund belonging to the UG had been locked up at a private investment fund.

Despite a circular by the vice-chancellor of the university directing that such investments be done only at a certain threshold at a commercial bank, the Director of Finance at the time contravened the directive by investing the funds with NDK Financial Services.

The Director of Finance, at the University, Bernice B. Agudu, told the Public Accounts Committee on Tuesday, 18 July 2023, that the investment was done in 2017, at a time when she was not in office.

She indicated that the directive by the vice-chancellor came four years later.

She also revealed that the lawyers for the university were working to retrieve the remaining funds from NDK Financial Services which had liquidity challenges.