Management of the University of Ghana has set up an operational committee to be know as the Internal Revenue Committee.
The setting up of the Committee is aimed at maximizing the generation of internally generated funds as well as help in reducing associated risks with rent receivables.
This disclosure was made by the Vice Chancellor, Professor Ebenezer Oduro Owusu, in his annual report delivered at the July Congregation for the graduating class of the University’s Law School.
“University management and Council have therefore rolled out an initiative to ensure fiscal discipline and prudent financial management.
This initiative seek to free fiscal space and make funds available to undertake critical development projects”, the Vice Chancellor said at the graduation ceremony held at the Great Hall on Saturday July 6, 2019.
The Vice Chancellor added that since these reforms and others were implemented, substantial savings had accrued to the University.
Professor Oduro Owusu disclosed that the University made GHC82 million savings from its budgeted expenditure for Other Operating Expenses in the 2018-2019 academic year representing about 38% savings.
“The statement of financial performance of the University for the 2018/2019 academic year shows that out of a budgeted expenditure of Other Operating Expenses in the sum of approximately GHC 213 million, the actual expenditure was approximately GHC 131 million, indicating a saving of about 38%,” he said
He finally called on members of the University community to assist and embrace the reforms to ensure judicious use of funds.
“I wish to appeal to all staff, students and stakeholders of the University to embrace and support the implementation of these reforms to ensure that, together, we make judicious use of our financial and other resources to promote efficiency.”
Unauthorized borrowing, weak financial oversight cause of UG’s high debt – Auditor General
The Auditor-General, Daniel Yaw Domelevo, in his 2019 report ascribed the high indebtedness of the University of Ghana to a ‘weak oversight control in financial borrowing and an absence of financial borrowing strategy’ on the part of the University.
The result of this negligence is a debt of GHC 259,912,377.69 as at the end of 2017 in terms of loans and bonds.
The report mentioned that the failure of the Finance and General Purposes Committee (FGPC) to develop a borrowing strategy, and the weak oversight on financial borrowing contributed to increase in debt from GHC 25,251,707.00 in 2014 to GHC 259,912,377.69 as at the end of 2017.
Story by: Kwaku Asante Bismark|universnewsroom.com