Ferdinand|EducationGhana| October 29| Present delayed report on GALOP Funds or face Consequences – World Bank to Ofori Atta
The World Bank has written to the Minister of Finance, Ken Ofori Atta to as a matter of urgency, present audited reports on the use of Ghana Accountability for Learning Outcomes Project (GALOP) Funds.
World Bank on October 22, 2022, wrote to the Minister of Finance, Ken Ofori Atta over the Ghana Accountability for Learning Outcomes Project (GALOP-Cr. No. 64820-GH) Delay in the submission of the Audit Report.
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”We refer to the Financing Agreement dated January 17, 2020, between the International Development Association (the “Association”) and the Republic of Ghana (the “Recipient”), in connection with the above-referenced Project.” The letter read.
According to the World Bank, In accordance with Section 5.09(b)(ii) of the General Conditions incorporated by reference in the Financing Agreement and as specified in paragraph II (ii) of the Disbursement and Financial Information Letter (DFIL), the Recipient is required to furnish the audited financial statements covering the period of one fiscal year of the Recipient no later than six (6) months after the end of such period.
”We note that as of today, October 18, 2022, the Association has not received the audited financial statements for the year ending December 2021 in compliance with the General Conditions.”
”The Association is concerned that it is almost ten (10) months after the year ended and an independent audit report on the use of funds has still not been furnished to the Association.” It said.
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”Given that the audited financial statements are now four (4) months overdue, and in line with the Audit Compliance Guidance, we write to inform you that unless you come into compliance within the next thirty (30) days from the date of this letter, the Association may have no option than to explore the possibility of exercising the appropriate legal remedies under the Financing Agreement.”
”We trust that your personal and immediate attention to this matter will ensure speedy compliance of the audit requirements referred to above. For further clarification, please reach out to Robert Degraft Hanson (Senior Financial Management Specialist) and/or Eunice Yaa Brimfah Ackwerh (Senior Education Specialist/TTL).” The letter concluded.
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