REVEALED: How 6 state institutions embezzled GH¢800m

A forensic audit of the finances of some state institutions reveals that over GH¢800 million has been allegedly misappropriated, with traces leading to officials in the former administration.

According to reports, the audit was initiated following suspicion that there was widespread financial malfeasance under the erstwhile John Mahama-led administration.

Eighteen state institutions were marked to be audited but the audit committee probed the activities of 16 companies, six of which have been completed and reports submitted to the Economic and Organised Crimes Office (EOCO).

The audit found that the companies allegedly breached provisions of the Public Procurement Act by inflating contract sums, non-performance of contracts and non-enforcement and breach of contracts.

The six state institutions whose audited report have been forwarded to EOCO include Ghana National Gas Company (GNGC), Bulk Oil Storage and Transportation Company (BOST), Micro and Small Loans Centre (MASLOC), Ghana Free Zones Board, Ghana Standards Authority (GSA)  and Ghana Telecom University College (GTUC).

Findings

BOST, EC and 6 institutions to face EOCO over procurement breaches

At BOST, a total of GH¢285,561,245 were misappropriated.

The report revealed that Kingsley Awuah-Darko, the former BOST MD, misappropriated GH¢10,498,456 and $33,305,527.

BOST Board Chair resigns over collapse of Sovereign Bank

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Credit: Joy News