Energy Ministry causes billions of financial loss to state

Energy Ministry causes billions of financial loss to state

- The Ministry of Energy has been revealed for causing billions of cedis in financial loss to Ghana in 2014

- The financial loss, as revealed in a report by the Auditor General has shown irregularities made by public boards, corporations and other statutory institutions

Energy Ministry causes billions of financial loss to state

Auditor General, Richard Quartey

The Auditor-General's report for the 2014 fiscal has revealed that the Energy Ministry cost Ghana a financial loss of GH¢1,803,646,727 as a result of financial errors and irregularities committed by public boards, corporations and other statutory institutions.

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According to the report, the financial loss which was caused in the span of one year involved irregularities covering cover outstanding debts, loans and recoverable charges, cash, payroll, procurement, tax, store and contracts. In fact, the institutions fingered for the financial loss under the ministry remain the Ghana Electrification Scheme, the Electricity Company of Ghana (ECG), the Ghana National Petroleum Corporation (GNPC), the National Petroleum Authority (NPA), the Unified Petroleum Price Fund, the Ghana Atomic Energy Commission and the Radiological & Medical Science Research Institute.

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The disturbing report which spans from the Volta River Authority (VRA), GRIDco, the National Petroleum Authority (NPA), the Petroleum Commission among others has thus been forwarded to the house of Parliament for further investigations and sanctions

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