University of Ghana’s GHS456,000 locked up in defunct financial firm – Audit report

An amount of GHS456,199.08 invested by the University of Ghana has been locked in a defunct Fund Management Company; Liberty Asset.

This was contained in the 2020 Auditor-General’s report, which revealed that the University’s College of Health Sciences and School of Medicine and Dentistry invested the money in contravention of the school’s own financial Regulations and Governance.

While the College of Health invested GHS377,003.00, the School of Medicine and Dentistry invested GHS79,196.08. Both investments were made in 2016. “There was no evidence of due diligence report available to continue investment with Liberty Asset in terms of its risk profile”, the report mentioned.

Samuel Ansong

See author's posts