SOEs rack up GH¢18.6bn in financial irregularities – IMF report

State-Owned Enterprises (SOEs) recorded approximately GH¢18. 6 billion in financial management irregularities, raising concerns over the financial risks their operations pose to government, according to a new IMF Technical Assistance Report. The report, titled “Advancing SOE Fiscal Risks Management, Financial Oversight, Governance, and Investment Implementation”, draws on findings contained in the 2024 Report of the Auditor-General.

Outstanding debtors and loans accounted for the largest portion of the irregularities at GH¢12. 54 billion, representing overdue receivables and funds that remain locked up. Cash irregularities amounted to GH¢4. 58 billion and included unsupported payments and revenues that were not properly accounted for. The Auditor-General also identified contract irregularities of about GH¢871. 82 million, procurement irregularities of GH¢335. 27 million, payroll irregularities of GH¢191. 6 million, tax irregularities of GH¢77. 06 million and stores irregularities of GH¢4. 5 million. The IMF…