Public billions remain idle, millions misused12

A sweeping review report exposes a pattern of dysfunction across multiple government funds, with money not used, not tracked, and spent outside its intended purpose. Taken together, the findings reveal not isolated lapses but a systemic breakdown in the governance of public funds. Across several funds, money has remained untouched for years.

According to the report, the Debt Participation Capital Fund has had no activity since 2015. The purpose of the Fund is to service loans that have been prepaid by commercial enterprises and loans that have been converted into equity by the government. “Cash held by Accountant General as at 31 March 2023 was P9 153 713. There has been no movement in the Fund since 2015, indicating it has remained dormant for an extended period. The continued dormancy of the Fund raises concerns regarding its relevance, operational effectiveness, and the efficiency of public resource utilisation. Idle balances held over several years may point to the absence of active programme implementation or a lack of periodic review of fund objectives,” the Auditor General revealed in the report.