The 2022 Auditor-General Report has expressed worry of about $741 million overdue receivables as of December 2021 that has not been retrieved by the Ghana Gas Company.
It is therefore urging management to explore practical alternative means to collect the amount owed it from the affected institutions.
The period for the indebtedness ranged between one and four years.
“Our audit disclosed that the Company had overdue receivables of US$741,929,795.57 (GH¢4,458,330,334.57) as of December 2021. The period for the indebtedness ranges between one and four years”.
As of the time of the audit in August 2022, these receivables were still unpaid.
The Auditor-General Report therefore recommended to management to explore practical means to recover the liability from the affected institutions, including legal actions to pursue over-aged debt.
¢10m investments with Liberty Asset Management yet to be recovered
Again, the report uncovered that management invested ¢10 million with Liberty Asset Management Limited for six months at a 17% interest rate in August 2018.
It further noted that management was unable to redeem the principal amount plus interest totalling about ¢10.847 million when it matured in February 2019, due to Bank of Ghana’s revocation of the license of Liberty Asset Management Ltd in May 2019.
At the time of this report, the principal amount plus the interest have still not been recovered.
The Auditor-General therefore recommended to management to pursue the recovery of the locked-up funds from the receivers of Liberty Asset Management Ltd.
