There is no judgment debt account

Officials of the Controller and Accountant General’s Department have rescinded their earlier claim about an existence of a judgment debt account at the Bank of Ghana (BoG).

Central Bank officials at Thursday’s sitting and in previous sittings denied the existence of the said account to the Sole commissioner, Justice Yaw Appau.

They clarified that the account was rather a five-year treasury bond monitoring account and not a judgment debt account.

This emerged after the Controller and Accountant General’s Department said it directed the payment of judgment debts from the said account.

The BoG revealed the account was opened on December 18, 2006 following an instruction from the Ministry of Finance and Economic Planning to create a five-year treasury monitoring bond.

The central bank subsequently created a corresponding account and indicated that all the proceeds from the bond should be put in that account. The account was however closed on December 17, 2007.

Appearing before the judgment debt commission on Thursday, the Deputy Controller and Accountant General in charge of treasuries, Andrew Kingsley Kojo Kufe corroborated the BoG’s explanation.

According to him, “there were series of payments on that account and incidentally, the subject description was rather given to the account so opened when we were processing the transactions on the said account.”

Mr. Kufu described as “unfortunate” that his outfit used the description on the transaction to describe the account.

He added that all letters written to the BoG to make the payments for judgment debts “described the account as a special account designated for judgement debt.”

The Deputy Controller and Accountant General in charge of treasuries apologized to the Commission and the BoG for the mix up in the account names.

By: Efua Idan Osam/citifmonline.com/Ghana

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