Business News of Monday, 5 September 2022
Source: www.ghanaweb.live
2022-09-05Auditor-General cites MoF, GRA and CAGD in over GH¢3.26 billion 'missing' revenue
Finance Minister, Ken Ofori-Atta
Over GH¢3.26 billion of tax revenue cannot be accounted for after a joined audit and reconciliation of the books of the Ministry of Finance (MoF), Ghana Revenue Authority (GRA) and the Controller and Accountant General’s Department (CAGD), the Auditor-General has discovered.
According to the 2021 audit report, the Auditor-General noted that whereas the GRA and MoF reported
Read full articlea total tax revenue of GH¢57.43 billion, the records of CAGD indicate a total tax revenue of GH¢60.69 billion.
The report stated further that over GH¢3.26 billion is unaccounted for between the three institutions.
"We observed significant differences in the revenue figures reported by CAG compared with the relevant Government Institutions during the validation of the revenue figures reported as follows:
"Direct and Indirect taxes reported by CAG amounted to GH¢27,709,806,120 and GH¢32,979,232,570 respectively in the Whole of Government Accounts compared with GRA reported tax revenue of GH¢27,603,309,699 and GH¢29,823,785,799.00 for direct and indirect taxes respectively, resulting in an overstatement of tax revenue totalling GH¢3,261,943,192," the audit report.
"Annual Budget Funding Amount (ABFA) reported by Ministry of Finance amounted to GH¢2,061,122,607.00 whereas CAG reported an amount of GH¢3,368,095,788 resulting in an overstatement of Report of the Auditor-General on the Public Accounts of Ghana for the year ended 31 December 2021 GH¢1,306,973,181.00 of the ABFA amount in the statement of financial performance," the report added.
A total of ¢17.4 billion in financial irregularities have been cited in the latest Auditor-General's report submitted to the Speaker of Parliament, Alban Bagbin for the 2021 financial year.
The amount was a 36% increase compared to that of 2020.
This is the conclusion reached by the Auditor-General after an audit of the accounts of at least 101 institutions.
Find the full report below. Go to page 10 for relevant portions.
