The 2020 Auditor-General’s report has revealed that even though Section 91 of Public Financial Management Act 2016, Act 921 provides that the Board of Directors of a public corporation shall ensure the efficient management of the financial resources of the public corporation including the collection and receipt of money due to that public corporation, it noted during its audit that 20 tenants occupying Ghana Cocoa Board’s properties in Jubilee House and Lake Road, both in Kumasi, owed a total of GHS354,709.26.
The lapse was due to inadequate follow-ups to recover the outstanding debts, the report said.
This has negatively affected the liquidity position of the Board and may lead to uncertainty in recovering the debts, the report said.
“We recommended that Management should intensify its effort to recover the debts from the tenants”, the report noted.
According to the report, the management of the COCOBOD responded that the Regional Office is working toward the full payment of all outstanding debts.
The management suggested that the head office could better handle the amount owed by the Ghana News Agency.