An audit into the finances of some state-owned companies has revealed the misappropriation of over GHc800 million by some former heads of the institutions.
The companies, which include the Bulk Oil Storage and Transportation Company (BOST), Micro and Small Loans Centre (MASLOC), Ghana Free Zones Board, Ghana Standards Authority (GSA), and the Ghana Technology University College, were part of 16 companies whose activities were probed.
The investigation was triggered upon suspicion that there had been widespread financial malfeasance by the John Mahama-led administration.
Citi News has gathered that reports on six of the institutions have been forwarded to the Economic and Organized Crime Office (EOCO).
The audit report, signed by Professor Edward Dua Agyeman, Secretary to the Committee responsible for the coordination of investigations or forensic audits, and sighted by Citi News, covers the period January to June 2018.
It says the Committee was originally mandated to audit 18 public institutions but had to drop two of them due to logistical constraints.
Of the sixteen, six public institutions were audited between January and June 2018.
The six are the Ghana National Gas Company, audited by Morisson and Associates, Microfinance and Small Loans Centre (MASLOC), audited by Baffuor Awuah and Associates, Ghana Free Zones Board, audited by Worldwide Investments Company Limited, and Ghana Technology University College, Tesano, Accra by SWQ Consults.
The Bulk Oil Storage and Transportation Limited (BOST) and the Ghana Standards Authority were both audited by Deloitte and Touche.
The audit uncovered, according to the Committee’s Report, bloated contract sums, non-performance of contracts, non-enforcement and breach of contract.
It also revealed cash disbursements without authorization, deposits of public funds into private accounts and failings to account for accountable travelling allowances.
These infractions offend both the Public Procurement Act as amended, and the Public Financial Administration Act.
The Ghana National Gas Company, for instance, cost the state over 61 million dollars in its purchase of helicopters from China National Aero-Technology Import and Export Corporation; over GHc76 million in contract irregularities, and over one million dollars in procurement irregularities.
MASLOC is also found to have misappropriated over GHc3 million under former Chief Executive, Sedina Tamakloe Attionu.
BOST under Kwame Awuah-Darko, George Aborah, and Kakra Essumauh, is found to have misappropriated money or engaged in procurement irregularities with cost implications ranging from over 33 million dollars.
Dr. George Ben-Crentsil is also reported to have misappropriated over GHc1 million, and allegedly got kickback payments of over one million dollars whilst at the Ghana Standards Authority.