The Auditor-General has indicated that the Bolgatanga Technical University has improved financial performance by 34.2 percent. This was contained in the Report of the Auditor General on the Public Accounts of Ghana – Technical Universities for the year ended 31 December 2022.
“The financial year under review recorded a surplus of GH¢951,280.97 compared with a surplus of GH¢708,993.09 posted in 2021, representing an improvement in the financial performance of the University of 34.2 percent,” the statement said.
The Report continued to say “Total Income increased by 84.0% to GH¢45,223,752.19 from GH¢24,582,632.52 in 2021. Government of Ghana subventions increased by 79.7% during the year from GH¢19,479,475.81 in 2021 to GH¢35,007,920.46 and this was attributed to an increase in salaries during the year. Total Expenditure also registered a growth of 85.4% to GH¢44,272,471.22 from GH¢23,873,639.43 in 2021. This was due to an increase of 78.4% in employees’ compensation which was caused by a general increase in salaries.”
Non-Current Assets decreased by 13.9 percent to GH¢6,420,599.93 from GH¢7,454,849.65 recorded in 2021 due to depreciation charge for the year.
Current Assets however, increased by 72.7 percent to GH¢5,761,701.31 from GH¢3,335,832.53 recorded in 2021 and this was mainly due to an increase in students’ debtors.
Current Liabilities also recorded a significant growth of 383.4% to end the year at to GH¢1,362,238.65 as against GH¢281,826.34 posted in 2021 and this was largely due to unpaid electricity bills of GH¢1,054,012.80 at the end of 2022.
“The current ratio declined to 4.2:1 in 2022 (2021 – 11.8:1) however, the University would still be capable of meeting its short-term financial obligations,” the report added.
Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana
