Ghana: GETFund Saves Gh¢22.7 Million in Audit Review of 2017-2019 Contract Payments

18 February 2020

The Ghana Education Trust Fund (GETFund) has saved GH¢22.7 million from an audit review it conducted from 2017 to 2019 on contract payment certificates.

The review identified errors in arithmetic computations, application of non-contractual rates in valuations, usage of outdated indices for computing fluctuations, among others.

The Head of Public Relations at the Ministry of Education, Vincent Assafuah, told the Ghanaian Times yesterday that the rates used to value the works of some contractors were different from what was in the contract document.

"Such rates were reversed to the contractual rates as found in the Contract Documents presented," he said.

Besides the rates, he said the indices used in the computation of some fluctuations were outdated and, as a result, non-applicable.

"Corrections that resulted in reductions impacted on consultancy fees charged for the respective projects, since consultancy fees are based on percentage of certified works" he added

Mr Assafuah said the review further revealed that 80 certificates submitted had no corresponding valid contract documents, adding that the affected certificates withheld so far amounted to GH¢8.9 million.

See What Everyone is Watching

More From: Ghanaian Times

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.