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21.09.2004 Business & Finance

Audit Service to Monitor Foreign Inflows

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Accra, Sept 21, GNA - The Audit Service on Tuesday said it has undertaken a number of measures to effectively monitor the records of all foreign inflows of loans, grants and payments by Government.

A statement copied to the Ghana News Agency and signed by Mr. Kwesi Okyere Public Relations Officer for the Auditor General said these is to forestall the situation where records of some past receipts and payment by the previous Government could not be traced during the recent investigation conducted by the service.

The statement said this was in response by the service to forestall the similar occurrence where records and documents of part payments of over 101 million dollars from the proceeds from the sale of part of Government of Ghana shares in Ashanti Goldfields Company since March 1994 could not be traced during investigations in the country, US and the United Kingdom.

The statement said the measures include the strengthening of the Audit Service personnel, who are permanently attached to the public Accounts Committee of Parliament, Ministry of Finance and the Bank of Ghana to enable them to fully and effectively monitor and report on all such foreign receipts and payments.

It said the personnel will be required to obtain copies of all signed loan and grants Agreement as well as payments. Personnel would be required to obtain copies of Appraisals Reports of foreign funded projects and General Conditions Applicable to Loans and Guarantee Agreements, the statement added.

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