GHS1.5bn TOR Money ‘Missing’ – A-G Report

Between January and September 2015, an amount of GHS1,561,434,333.31 billion was debited to the petroleum revenue account at the Bank of Ghana without the knowledge of the management of the Tema Oil Refinery (TOR), the 2016 Auditor-General report has disclosed.

TOR’s management has not been able to offer any explanation for the withdrawal.

According to the report, the failure of TOR’s Accountant to prepare monthly bank reconciliation statements, resulted in the loss.

The A-G has, therefore, recommended that the Accountant prepare monthly reconciliation statements to enable prompt action to be taken on such deviations, and also advised that the withdrawal should be investigated and officials involved in the act sanctioned.

Source: ClassFMonline