In a surprising revelation, the latest audit report has spotlighted a concerning financial anomaly at the Bank of Sierra Leone (BSL). A shocking NLe34,527,680.85 (Thirty-four million five hundred twenty-seven thousand six hundred eighty New Leones and eighty-five cents.) equivalent to US$1,502,931.25 (One million five hundred two thousand nine hundred thirty-one dollars and twenty-five cents.) in government revenue has not been traced to the Consolidated Fund.
This significant lapse underscores a breakdown in the critical process of channeling state funds into the central account, thereby raising grave concerns about financial accountability and control within the nation. The missing revenues encompass crucial tax streams, including Goods and Services Tax (GST) and Income Tax, alongside significant prepayments made by oil and mining companies.
Also, the report mentioned that the mandate of Transit Banks to transfer collected revenues to the BSL’s Consolidated Fund within 24 hours was critically overlooked, compromising the integrity of public funds intended for development.
The report added that Auditors’ attempts to retrieve SWIFT payment confirmations were unsuccessful, leaving the trajectory of these funds shrouded in uncertainty and fueling fears over possible diversions by transit banks.
