NEWSPOLITICS

GETFund has lost GHS10m in financial sector clean up – Ablakwa

Member of Parliament for North Tongu Samuel Okudzeto Ablakwa has said it was untrue when the government assured Ghanaians that no public institution lost public funds in any of the collapsed financial institutions.

According to Mr. Ablakwa, Pages 231 and 232 of the report of the Auditor-General on the public accounts of Ghana for public boards, corporations, and other statutory institutions for the period ending  December 31, 2020, indicates that GETFund has been unable to retrieve the sum of GHS10,000,000 since November 22, 2018, when an investment it made in SIC-FSL reached maturity.

The lawmaker described it as “reckless and absolutely unacceptable” to treat public funds in this manner after three years.

In a statement, Mr. Ablakwa noted that “as the Akufo-Addo administration fails to retrieve this critical GHS10,000,000 for GETFund – an organization which is saddled with debt accounting for over 60% of its receivables and unable to pay contractors who have executed GETFund projects; we ought to imagine what that amount of money could have done in easing congestion at double-track senior high schools, how many schools under trees could have been eliminated, the number of furniture that amount could provide, the textbooks we could supply to end the four-year drought of lack of textbooks at all levels, labs we could have refurbished, TLMs which could be purchased and so on.”

“How many other public institutions have our taxpayer funds locked up at all manner of places due to the so-called financial sector clean up”? he quizzed.

Below are details of Mr. Ablakwa’s statement:

Samuel Okudjeto Ablakwa writes…

I recall Ghanaians were assured that public institutions have not lost public funds in any of the collapsed financial institutions.

Pages 231 and 232 of the report of the Auditor-General on the public accounts of Ghana for public boards, corporations, and other statutory institutions for the period ending 31st December 2020 discredit that particular Government assurance.

The Auditor-General reveals that GETFund has been unable to retrieve the fantastic sum of GHS10,000,000 since November 22, 2018, when an investment GETFund made in SIC-FSL reached maturity. The Fund Manager told auditors their business was greatly affected by the financial sector clean-up as some of its counterparties went under.

It is most reckless and absolutely unacceptable to treat public funds in this manner after three long years. As the Akufo-Addo administration fails to retrieve this critical GHS10,000,000 for GETFund – an organization which is saddled with debt accounting for over 60% of its receivables and unable to pay contractors who have executed GETFund projects; we ought to imagine what that amount of money could have done in easing congestion at double-track senior high schools, how many schools under trees could have been eliminated, the number of furniture that amount could provide, the textbooks we could supply to end the four-year drought of lack of textbooks at all levels, labs we could have refurbished, TLMs which could be purchased and so on.

How many other public institutions have our taxpayer funds locked up at all manner of places due to the so-called financial sector clean-up?

Was it a prudent policy decision to be investing GETFund resources when the education sector is plagued with numerous challenges requiring urgent financial attention?

I hope the Minister for Education and the GETFund Administrator would be advised to take urgent remedial steps as Parliament prepares to invite them shortly. The Ghanaian people expect full accountability that must cover nothing short of retrieving the total investment and all accrued interest.

So much for protecting the public purse. With what is emerging across all sectors, we probably should be commissioning a search party to go look for the public purse.

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: classfmonline

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