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Business Wrap GYEEDA overspending was to prevent judgement debt

His comments came after members of the Public Accounts Committee of Parliament criticised the Finance Ministry for releasing the money to youth agency, which is about 2,000 percent above the agency's budget of GHC20 million.

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GYEEDA overspending was to prevent judgement debt

A Deputy Minister of Finance, Mr Casssiel Ato Forson, has defended the release of GHC199 million to the Ghana Youth Employment and Entrepreneurial Agency (GYEEDA) in 2012, saying it was to avoid running into judgement debt in case of default.

His comments came after members of the Public Accounts Committee of Parliament criticised the Finance Ministry for releasing the money to youth agency, which is about 2,000 percent above the agency's budget of GHC20 million.

Ato Forson explained that GYEEDA asked for the money to pay Zeera Group, Asontagba Cottage Industries, Ghana Management Services and Craft Pro for services rendered to the agency. In addition, it was also for payment of allowances to some NYEP beneficiaries account for the over-expenditure.

 

Audit report cites EOCO for financial irregularities

The Economic and Organised Crime Office (EOCO) has been cited for financial irregularities in the 2014 Auditor General's report.

The irregularities included unearned salaries and allowances, excessive cash holding, lubricants and fuel not accounted for, Purchases from Non-VAT registered suppliers and money received without issuing official receipts.

This came to light when the acting Executive Director of EOCO, Mr Justice Tsar Yao, appeared before Parliament's Public Accounts Committee (PAC) on Monday

 

We go to the currency market

Currency                      Buying                         Selling

Dollar                            3.95                             4.25

Pound Sterling             5.22                             6.52

Euro                               4.35                             4.65

 

 

On how your stocks performed on the GSE Index today

GCB were the biggest gainers of the day, gaining 1p to close at 3.07p. SCB were the biggest losers of the day, losing 2p to close at 14.22p

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