By Tabora Bojang
The Auditor General’s report on the 2023 financial statements of the government published yesterday has highlighted that though Mega Bank was sold for D921,247,484, only D896,805,125.96 was disclosed in the financial statements, leaving a balance of D24,442,358.89 unreported.
Additionally, the auditor general further observed that D23,031,187.10 of this undisclosed amount was disbursed by the Central Bank directly to Guarantee Trust Bank accounts without passing through the Consolidated Fund (CF) or Treasury Main Account (TMA).
The sale of the bank to private investors provoked widespread criticisms with many alleging lack of transparency in the process. Finance Minister Seedy Keita disclosed to lawmakers in December 2024 that Mega Bank was acquired by KM Holdings with 100 percent equity for US$15,250,000
Responding to the audit query in the management response, the Accountant General’s Department confirmed and explained that the amount received into its Treasury Main Account was D896,805,125.96 by KM Holdings. “The additional amount of D24,442,358.89 paid on 31st August 2023 was not disclosed in the financial statement as this was not paid into our accounts”, the Accountant General Department said.
However, the auditors maintained that the remaining balance of D24,442,358.89 was receipted into the Central Bank account designated for investment in Keystone Bank but this amount was neither routed through the Consolidated Revenue Fund/Treasury Main Account (CRF/TMA) nor disclosed in the financial statements.
“Subsequently, it was confirmed that D23,031,187.10 of the D24,442,358.89 was disbursed by the Central Bank to Guarantee Trust Bank accounts without passing through the CRF/TMA. As a result, this discrepancy remains unresolved,” the auditor’s report concluded.
