University of Ghana Officials Face Scrutiny Over Unresolved Investment Funds

The Vice Chancellor of the University of Ghana and other officials recently faced the Public Accounts Committee (PAC) with regards to alleged infractions and financial mismanagement. During the session, UG officials struggled to provide satisfactory answers to the committee's inquiries, leading to criticism of their lack of preparation.

The PAC expressed its concern over the University's inability to defend its actions and issued a stern warning, advising UG to adequately prepare for any future appearances before the committee.

One specific issue that caught the committee's attention was an investment fund totaling GH¢1.2 million managed by the Office of Research Innovation and Development (ORID) at UG's Legon campus. The fund, which was invested with NDK Financial Services, has not been fully recouped despite multiple orders from the PAC. As a result, the committee stated that it might consider recommending the prosecution of both University officials and NDK Financial Services in relation to this matter.

Since 2019, GH¢1,234,767.59 of the investment remains locked with NDK Financial Services, with little progress towards its recovery. By March 17, 2020, the University had only managed to redeem a meager GH¢100,000.00 out of the total amount, leaving an outstanding balance of GH¢1,234,767.59, even though the due date for redemption was October 15, 2019.