The Auditor General's Report on public accounts has highlighted an issue concerning the poor recovery of loan receivables by the government.
According to the report, a staggering GH¢61 billion remains outstanding, representing 99.93% of the total loan receivables for the year ending December 31, 2023.
The report underscores the importance of effective cash management, particularly the need for well-defined recovery timelines and robust collection plans when granting loans or advances to covered entities.
However, the Auditor General’s review revealed a severe lapse in this area.
Out of a total of GH¢63,384,527,594 in outstanding loan receivables, only GH¢43,450,428.00, or a mere 0.07%, was recovered during the review period.
![](http://www.myjoyonline.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-19-at-14.15.20-768x1024.jpeg)
![](https://www.myjoyonline.com/wp-content/uploads/2024/08/image-549.png)
This poor recovery rate has been attributed to the absence of a debt collection strategy and a lack of follow-up actions by the Controller and Accountant-General (CAG) to ensure that these covered entities repay their debts.
The Controller and Accountant General, Kwasi Adjei explained that a committee has been established to oversee the recovery of the debt.
He said this when he appeared before the Public Accounts Committee of Parliament.
The report further notes that these loans have remained in government books for extended periods without any clear recovery plan or policy in place.
The Auditor General warned that the government's failure to pursue these debts could lead to the eventual write-off of these receivables, depriving the nation of essential resources needed to fund its programmes.
The report calls for urgent action to develop and implement a comprehensive debt recovery strategy to address this critical issue.
Latest Stories
-
Galamsey: Declare state of emergency to save water bodies – Federation of Labour urges Akufo-Addo
7 mins -
National Service Scheme warns against attempts to influence postings through illegal payments
4 hours -
Financial difficulties and job insecurity drive rising suicide cases – Mental Health Authority
4 hours -
Prof Kwasi Opoku-Amankwa: Cancellation of teacher licensure: Not the way to go
4 hours -
Robert Mensah of Eusbett Hotel named CIMG Marketing Practitioner of the Year 2023
4 hours -
Haitian Americans fear for their safety after Trump repeats false claims about immigrants
4 hours -
US seizes over 350 websites used to import gun parts from China
5 hours -
Former Peruvian leader Alberto Fujimori dies at 86
5 hours -
Churchill photo stolen in Canada discovered in Italy
5 hours -
Multimedia Group partners with GCHRA for inaugural HR Conference on AI in Africa
5 hours -
Election officials raise ‘serious questions’ about US Postal Service ballot delivery plans
5 hours -
Video: What Napo said about NPP’s pledge to return seized excavators
5 hours -
Ronaldo criticises Ten Hag & says Man Utd must ‘rebuild everything’
6 hours -
No power outages despite planned maintenance by Eni Ghana – ECG assures
6 hours -
Inmate awarded $100m in default judgement against Sean ‘Diddy’ Combs
6 hours