Ghana

Ablakwa Exposes Government on How GETFund lost 10 million cedis Due to the Collapse of Banks

Samuel Okudzeto Ablakwa has revealed how Ghana Education Trust Fund(GETFund) has lost some 10,000,000 cedis due to the financial sector cleanup the government undertook.

At the peak of the collapse of some banks on the country around 2019, Government assured Ghanaians no government institutions had lost even a penny in the banking sector.

But an auditor general report has exposes such claims from the government earlier not to be true.

In a lengthy Facebook post, the National Democratic Congress member of parliament for North Tongu in the Volta region claims Government has made no effort in retrieving the lockup funds of GETFund which thus is having adverse effects on schools in the country.

He said what is intriguing about the whole move by GETFund to invest money is when Ghanaian schools are struggling for teaching and learning materials.

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Ablakwa was the deputy minister of education under the administration of John Mahama which got kicked out of power in 2016 by the Npp led Akufo Addo.

Here is his post below

I recall Ghanaians were assured that public institutions have not lost public funds in any of the collapsed financial institutions.

Pages 231 and 232 of the report of the Auditor-General on the public accounts of Ghana for public boards, corporations and other statutory institutions for the period ending 31st December 2020 discredits that particular Government assurance.

The Auditor-General reveals that GETFund has been unable to retrieve the fantastic sum of GHS10,000,000 since November 22, 2018 when an investment GETFund made in SIC-FSL reached maturity. The Fund Manager told auditors their business was greatly affected by the financial sector clean up as some of its counter parties went under.

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It is most reckless and absolutely unacceptable to treat public funds in this manner after three long years. As the Akufo-Addo administration fails to retrieve this critical GHS10,000,000 for GETFund – an organisation which is saddled with debt accounting for over 60% of its receivables and unable to pay contractors who have executed GETFund projects; we ought to imagine what that amount of money could have done in easing congestion at double track senior high schools, how many schools under trees could have been eliminated, the number of furniture that amount could provide, the text books we could supply to end the four year drought of lack of text books at all levels, labs we could have refurbished, TLMs which could be purchased and so on.

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How many other public institutions have our taxpayer funds locked up at all manner of places due to the so-called financial sector clean up?

Was it a prudent policy decision to be investing GETFund resources when the education sector is plagued with numerous challenges requiring urgent financial attention?

I hope the Minister for Education and the GETFund Administrator would be advised to take urgent remedial steps as Parliament prepares to invite them shortly. The Ghanaian people expect full accountability that must cover nothing short of retrieving the total investment and all accrued interest.

So much for protecting the public purse. With what is emerging across all sectors, we probably should be commissioning a search party to go look for the public purse.

I'm Sir Patrick, the senior editor at CbGist.com. I’m from Hohoe in the Volta region of Ghana and a graduate from the University development studies, with a degree in Communication. For enquiries, contact us on +233248932782 or email us on info@cbgist.com. Writing has been one of the talents I nurtured since basic school and still getting better each day. I have taken up some volunteering opportunities at various online platforms to better my writing skills. At Cbgist.com, we fact check our stories.

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