IT has been established that the University of Cape Coast could not access its funds of GH¢9,123,532.57 invested with First Banc and Gold Coast Fund Management whose licenses were revoked by the Securities and Exchange Commission (SEC) from 2019.
This is Contrary to Section 7 of the Public Financial Management Act, 2016 (Act 921) as highlighted in the 2020 Auditor-General’s Report on the audit of statutory boards and corporations.
The audit has recommended that Management should pursue recovery of their investments from the receivers of First Banc and Gold Coast Fund Management through the Security and Exchange Commission.
Also the report said 14 projects valued at GH¢78,928,271.14 fully funded from Internally Generated Fund have been delayed for periods ranging between 2 and 8 years.
It stated that “Seven (7) out of the projects were between the completion’s stages of 87% and 99%.
We recommended that the Management of the University should ensure early completion of the projects to save the projects from further deterioration’’.
The University as gathered did not have legal title to five of its properties valued at GH¢8,580,000 belonging to the School of Medical Sciences.
Though the properties are occupied by the School of Medical Sciences and form part of the University assets in the 2019 financial statements.
‘’Management of the University did provide the tenancy agreement between the University of Cape Coast and Ghana Hostels Limited for the occupancy of 5.009 acres of the University’s land. We recommended to Management to provide any Memorandum of Understanding or Rent Agreement between the University and Ghana Hostels Limited for audit review’’ the report added.
Meanwhile the Univeristy has also been recommended to take immediate steps to secure title deeds for the affected properties in order to avoid losses that may arise as a result of disputes.
BY Daniel Bampoe