A report from the Auditor General (AG) has asked the University of Education, Winneba (UEW) to go and retrieve the GH¢1,876,960.75 invested at the Akyempim Rural Bank.
At the end of the audit by the AG for 2020, it says its checks have uncovered that the aforementioned sum of money was invested by the school at the bank but did not roll it over when it matured in 2016.
With the money left to stay idle at the bank, the Auditor General has recommended that the University make immediate efforts to retrieve all monies invested.
“We noted that the University had invested a total of GH¢1,876,960.75 with Akyempim Rural Bank which were not rolled over nor repaid on maturity date which fell on 30th September, 2016. We recommended that every effort should be made to retrieve all monies invested in Akyempim Rural Bank together with the accumulated interest,” part of the AG’s report has said.
Meanwhile, the AG has also asked the management of the University of Education, Winneba to either close the 13 bank accounts of the school that has been inactive for the past few years.
“We noted that 13 bank accounts at Winneba, Kumasi and Mampong campuses have been inactive for past couple of years and will be treated as Dormant by the Banks. We recommended to Management to either close these bank accounts or ensure the active use of them as soon as possible,” the report adds.
Source: Modern Ghana