Six State Institutions Blow GHC800 Million

A forensic audit of the finances of some state institutions has revealed that over GH¢800 million has been misappropriated, with traces leading to officials in the former administration.

The audit, according to documents intercepted by Joy News, was initiated following suspicions that there was widespread financial malfeasance under the erstwhile, John Mahama-led administration.

Eighteen agencies were marked to be audited but the audit committee probed the activities of 16 companies, six of which have been completed and reports submitted to the Economic and Organised Crimes Office (EOCO).

The audit found that the companies breached provisions of the Public Procurement Act by inflating contract sums, non-performance of contracts and non-enforcement and breach of contracts.

The six companies
The six state institutions that were thoroughly audited include Ghana National Gas Company (GNGC), Bulk Oil Storage and Transportation Company (BOST), Micro and Small Loans Centre (MASLOC), Ghana Free Zones Board, Ghana Standards Authority and Ghana Telecom University College (GTUC).

Findings
At BOST, a total of GH¢285,561,245 were misappropriated.

The report revealed that Kingsley Awuah-Darko, the former BOST MD, misappropriated GH¢10,498,456 and $33,305,527.

Below are snapshots of the report detailing the financial malfeasance.