Thousands of cedis disappear in transit to bank at Ghana Free Zones

The Auditor-General reports that a cash amount of GH¢62,837.00 disappeared in transit to the bank at the Ghana Free Zones Authority (GFZA) in 2015.

This was discovered during a review of bank reconciliations that the money described as amount in transit to Bank of Ghana (BoG) from Ghana Commercial Bank (GCB) could not be traced and the balance still outstanding from 2015 to date.

The amount was transferred from GCB when the then Government gave a directive for all balances on bank accounts belonging to public institutions residing with commercial banks to be transferred to the Bank of Ghana in line with the single treasury arrangement and that the amount may be lost to the Authority.

In response to the GFZA to follow up with Bank of Ghana and GCB to recover the amount, management indicated that the GH¢62,837 was swept from the GCB accounts upon directive of the Government in line with the implementation of TSA policy.

“We wrote to CAGD copied GCB for retrieval of the money but no sign of any action yet. Nevertheless, management would continue to pursue the matter.”

This is contained in the Report of the Auditor-General on the Public Accounts of Ghana – Public Boards, Corporations and Other Statutory Institutions for the year ended 31 December 2020.

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