The 2023 Auditor General Report has urged the Bank of Ghana to recover GH¢8.241 billion owed by the Ghana Cocoa Board (COCOBOD).
According to the report, COCOBOD has consistently defaulted on loan facilities granted by the Bank of Ghana, and as of December 31, 2022, COCOBOD had an outstanding principal amount of GH¢8.241 billion.
It advised the Central Bank to institute policies to address its exposure to quasi-government institutions and ensure clear repayment plans are in place when loans fall due.
Meanwhile, the Auditor General is urging the Bank of Ghana to ensure that a formal agreement on the “Gold Purchase Programme” and sale transactions are concluded with the Precious Mineral Marketing Company (PMMC).
The Central Bank engaged PMMC to purchase and sell gold on its behalf.
The Auditor General said it was, however, not provided with a formal agreement between the Central Bank and PMMC for these transactions.
“As a result, we could not confirm salient terms of the engagement including fees or commissions paid to PMMC for their services. Transactional relationships of this nature must be formalized with an agreement”, it stated.
Latest Stories
-
UCL: Dortmund start new campaign with 03 win over Club Brugge
26 seconds -
UCL: Man City, Inter play out goalless draw at Etihad
4 mins -
Independent presidential aspirant Dr. Sam Ankrah vows to mechanise agriculture if elected
57 mins -
We don’t have to sell ECG; let’s take out political interference – John Jinapor
57 mins -
Government to spend $7.65bn to complete Agenda 111 projects – Health Minister
58 mins -
Privatisation of ECG will be an admission of failure – PURC
2 hours -
Bawumia promises mini harbour, sea defense for Sege
2 hours -
Constant venue change negatively affects Ghana Premier League – Prosper Ogum
2 hours -
We’ll defy injunction orders and protest – Baker-Vormawor
3 hours -
Police secures injunction against Democracy Hub planned protest
3 hours -
MTN launches 4-In-One internet solution for SME operators
3 hours -
Bawumia storms MTN office in Ada in street campaign
3 hours -
The hypocrisy of Ghana’s delegation to COPs: A call to action
4 hours -
Government’s health infrastructure projects yielding positive results – Okoe-Boye
4 hours -
Africa faces rising hunger, stakeholders call for multi-sector collaboration to combat micronutrient deficiency
4 hours