Recover the over GHS9m locked at First Banc, Gold Coast Fund Management – Auditor-General to UCC

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.”