The Gaming Commission of Ghana has officially sought legal advice from the Attorney General’s Department to retrieve a GH¢5.1 million investment made with SIC Financial Services Limited (SIC-FSL) in 2019.
Despite multiple attempts to recover the funds, including written correspondence and meetings with the Commission’s audit committee, little progress has been made.
Appearing before a Public Accounts Committee (PAC) of Parliament public hearing in Parliament House, Accra, the Acting Gaming Commissioner, Mr. Emmanuel Siisi Quainoo, explained that SIC-FSL attributed their inability to repay the funds to the aftermath of Ghana’s financial sector cleanup.
“Honourable Chair, before the infraction was even brought to my notice, I wrote to SIC-FSL demanding payment for the investment. They responded, saying that their investments had been escrowed at the Ministry of Finance (MoF), and asked for my assistance in retrieving it,” Mr. Quainoo said.
In his response, Alhaji Muntaka Mohammed-Mubarak, the Minister for the Interior, advised the Commission to seek legal direction from the Attorney General, citing the complexity of the situation.
“Honourable Chair, what I did was say let’s write to the AG to advise based on this, what should we do? Because it is a government institution and as we know, many citizens suffered similar fates due to the collapse of banks and have not retrieved their money. It’s not a situation with a straightforward answer,” the Minister said.
Madam Abena Osei-Asare, Chairperson of PAC, welcomed the step but pointed out that SIC-FSL’s challenges may have preceded the banking sector crisis.
“Minister, I am glad that you said you have written to the AG. The AG will respond, but as far as I know, SIC-FSL was in a different situation altogether before the banking issues started,” she noted.
Meanwhile, auditors have stressed the urgency of recovering the funds in line with financial accountability standards.
PAC on Monday, September 29, 2025 reconvened to continue its public hearings to review the Auditor-General’s report for the year ending December 31, 2024.
The Committee will, from Monday to Wednesday, October 1, scrutinize various government Ministries, Departments and Agencies (MDAs) for alleged financial irregularities.
Among the ministries appearing before the Committee are the Ghana Statistical Service, the Ministry of Health, the Ghana Health Service, the Ministry for the Interior, the Ministry of Justice and the Attorney General’s Department, and the Ministry of Local Government, Chieftaincy, and Religious Affairs.
The others are the Ministry of Sports and Recreation, the Ministry of Food and Agriculture, the Ministry of Fisheries and Aquaculture, the Ministry of Tourism, Culture, and Creative Art, the Ministry of Trade, Agribusiness and Industry, the Ministry of Environment, Science and Technology and the Ministry of Transport.
The PAC’s scrutiny of the Auditor-General’s report highlights the Committee’s commitment to ensuring accountability and transparency in government financial dealings.
GNA
