By Sulaiman Aruna Sesay
The Public Account Committee (PAC) of Sierra Leone in collaboration with Audit Service Sierra Leone, on Wednesday 12 June 2024, engaged the Sierra Leone Commercial Bank (SLCB) concerning the 2022 Auditor-General’s Report. The Report figured out some discrepancies in the bank’s financial statements, prompting PAC to engage the SLCB and further investigate the State-Owned Enterprise.
The PAC, which is responsible for overseeing the management of public assets, has summoned officials from SLCB to appear before the committee and provide answers to the concerns raised in the report. The committee has indicated that it will leave no stone unturned in its quest to ensure that public assets are managed with transparency and accountability.
The chairman of PAC, Hon. Ibrahim Tawa Conteh raised issues like Loans and Advances, Accounting for Loan Balances, Non-Adherence to Bank Policies, to name but a few, that were clearly captured in the 2022 Auditor-General’s Report. These issues were addressed by top bank officials including the Managing Director, Yusufu Abdul Silla.
The investigation comes amid growing concern in Sierra Leone about corruption in the country’s financial systems backed by series of breach of procurement procedures at the Sierra Leone Commercial Bank. Many believe that investigations such as this are vital to bring to light any discrepancies or malfeasance and to restore public trust in government institutions and service deliveries in the public sector. The Sierra Leone Commercial Bank has assured the Public Account Committee and the general public of its commitment to transparency, noting that it will cooperate fully with the investigations raised by PAC to address the issues in the 2022 Auditor-General’s Report.
