The Gaming Commission of Ghana has sought legal advice from the Attorney General’s Department to recover a GH¢5.1 million investment locked up with SIC Financial Services Limited (SIC-FSL) since 2019.
Despite repeated efforts including official correspondence and meetings with its audit committee, the Commission has made little headway in retrieving the funds, Acting Gaming Commissioner, Mr. Emmanuel Siisi Quainoo, told the Public Accounts Committee (PAC) during a public hearing in Accra.
He explained that SIC-FSL had blamed its inability to repay the funds on the aftermath of Ghana’s financial sector cleanup, claiming its investments had been escrowed at the Ministry of Finance.
“Before the infraction was even brought to my notice, I wrote to SIC-FSL demanding payment. They responded that their investments had been escrowed at the Ministry of Finance and requested my assistance in retrieving it,” Mr. Quainoo said.
Interior Minister, Alhaji Muntaka Mohammed-Mubarak, said the Commission was right to seek legal guidance given the complexity of the matter.
“As we know, many citizens also suffered similar fates due to the collapse of banks and have not retrieved their money. This is not a situation with a straightforward answer,” the Minister noted.
PAC Chairperson, Madam Abena Osei-Asare, however, observed that SIC-FSL’s financial challenges may have preceded the banking sector crisis, underscoring the need for deeper scrutiny.
Auditors reviewing the matter have also stressed the urgency of recovering the funds in line with financial accountability standards.
The PAC, which reconvened on Monday, September 29, to examine the Auditor-General’s report for the year ending December 31, 2024, will continue its public hearings through October 1. The Committee is scrutinizing Ministries, Departments, and Agencies (MDAs) over alleged financial irregularities, including the Ghana Statistical Service, the Ministry of Health, the Ghana Health Service, and the Ministry of Justice and Attorney General’s Department, among others.
The hearings reaffirm PAC’s mandate to ensure accountability and transparency in the management of public funds.
