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EDUCATION

World Bank Releases a Lashing Statement to Finance Minister for failing to Provide Audit Report on GALOP Project

World Bank statement to finance minister over delay in providing audit report on GALOP project

The World Bank has sent a strongly-worded letter to finance minister Ken Ofori-Atta over a 10-month delay to submit the audit report for a project to improve quality basic education in Ghana.

The project, Ghana Accountability for Learning Outcomes Agreement (GALOP), is a five-year project to improve the quality of education in low-performing basic schools and strengthen education sector equity and accountability in Ghana.

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Ghana received $219 million from the World
Bank in 2020 to improve quality education in
10,000 low-performing basic schools.

As part of the financing agreement for the
project, Ghana through the finance minister
was to submit audited financial statements
covering the period of one fiscal year of the
beneficiary country no later than six months
after the end of such period.

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However, this has not happened after 10 months, according to the letter from the World Bank.

“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,” the letter dated October 21,
2022.

The statement signed by World Bank Country
Director, Pierre Laporte, added further that
given that the audited financial statements are now four months overdue, the Bank will be compelled to take firm steps.

BELOW IS THE FULL STATEMENT 

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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.

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.

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).

 

Source : Honestynewsgh.com

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