GHS62K of GFZA funds disappeared in transit from GCB to BoG – A-G Report

An amount of GHS62,837 belonging to the Ghana Free Zones Authority (GFZA) in transit from the Ghana Commercial Bank (GCB) to Bank of Ghana (BOG), disappeared and could not be traced, according to a revelation captured in the Auditor-General’s report on the public accounts of Ghana, public boards, corporations and other statutory institutions for the period ended 31 December 2020.

The Auditor-General has, thus, recommended that GFZA follow up with Bank of Ghana and GCB Bank for the retrieval of the amount.

It was also disclosed that GFZA invested a total amount of GHS17,342,613.97 in three institutions whose licences have been withdrawn, making the recoverability doubtful.

“We recommended that management should put in place measures to contact the receiver of the affected financial institutions with the aim to retrieve these investments,” the report stated.

The management of GFZA have also not recovered a long-standing debt of GHS2,946,039.18 owed by three of the Free Zone Companies.

The Authority further failed to withhold 7.5% tax of US$7,500 from legal fees of US$100,000 paid on land arbitration.

The A-G has advised the management to recover the US$7,500 withholding tax from the recipient and pay same to Ghana Revenue Authority.

Also, the report captured that there are several encroachments on portions of Boankra FZ land enclave owned by GFZA and the Authority must ensure to secure the land by forcefully evicting the encroachers or negotiate to relinquish them through legal means.


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