Financial Audit report on ECG reveals missing billions

The report also mentioned that from its analysis performed on the bank statements received, a net difference of GHS1.9 billion was noted between the total collections declared on the CWM-approved schedules and the inflows consolidated from the bank account statements shared.

Based on the data made available to us, we adopted the following approach to the exercise: Cash collections: We obtained the bank statements of the GCB collections account (1011130011277) and the Fidelity single collections account (1070006628289) and analysed all collections received in the account (credit transactions in the bank statement) on a monthly basis for the period from July 2022 to September 2023.

"We then compared the total monthly collections analysed from the bank statements to the amounts reported in the CWM, highlighting the differences noted for each month.

"We obtained the bank statements of the GCB collections account (1011130011277) and Fidelity single collections account (1070006628289) and analysed all disbursements in the account (debit transactions in the bank statement) on a monthly basis for the period from July 2022 to September 2023.

Differences between Total Collections declared on CWM and the total collections consolidated from the bank statements of the GCB main account and the Fidelity Single Collections account

"To assess the amounts reported by ECG, we obtained and analysed all collections received in the GCB collections account (account number 1011130011277) for the period from July 2022 to September 2023 and the Fidelity Bank Single Collections Account (account number 1070006628289) for the period from January 2023 to September 2023)

"From our analysis performed on the bank statements received, we noted a net difference of GHS1.9 billion between the total collections declared on the CWM approved schedules and the inflows consolidated from the bank account statements shared.

Source: ghanaweb.com