The Auditor-General has asked the University of Cape Coast (UCC) to recover the GHS9,123,532.57 invested but locked up at First Banc and Gold Coast Fund Management.
This is contained in the 2020 Auditor-General’s report.
According to the report, the funds remain locked up since 2019 when the financial institutions were closed down after their licenses were revoked by the Securities and Exchange Commission (SEC).
“Contrary to Section 7 of the Public Financial Management Act, 2016 (Act 921) the University could not access its funds of GH¢9,123,532.57 invested with First Banc and Gold Coast Fund Management whose licenses were revoked by the Securities and Exchange Commission (SEC).
“We recommended that Management should pursue recovery of their investments from the receivers of First Banc and Gold Coast Fund Management through the Security and Exchange Commission,” part of the Auditor-General’s report reads.
During its audit of UCC, the Auditor-General also uncovered that 14 projects valued at GHS78,928,271.14 fully funded from Internally Generated Fund have been delayed for periods ranging between two and eight years.
Seven out of the projects were between the completion’s stages of 87% and 99%.
The Auditor-General has “recommended that the Management of the University should ensure early completion of the projects to save the projects from further deterioration.”
Assemblyman raises alarm over alleged illegal ECG charges in Ho
GIS defends Asikuma–Sogakope checkpoints, cites security and border management
Dr. Zenator Rawlings elected 2nd Vice President of Pan African Parliament
Fake online businesses dupe victims of GHS266k between January and April — CSA
BoG's 2025 spending was necessary in saving a near collapse economy — Majority
Ghanaians need solution to the current dumsor, not your excuses — Oforikrom MP t...
NACOC intercepts GHS5million tablets of Tapentadol in major drug bust
Oti Region: Police arrest two over alleged illegal possession of firearm
Victor Smith engages Boeing on rebirth of Ghana Airways
We were told dumsor would end with the levy – Dr Zaato fumes
Comments
USELESS INVESTMENT FIRMS CANNOT BE TRUSTED FOR DOING BUSINESS IN GHANA IT A SHAME WE GIVE THESE FIRMS LICENSE TO DO BUSINESS IN GHANA THEY WOULDN'T BE ALLOW TO DO BUSINESS IN NORTH AMERICA BECAUSE THE SECURITY EXCHANGE IN NORTH AMERICA WON'T ALLOW. BECAUSE THEY WON'T THE CREDIBILITY TO SO.