Public boards, corporations and other statutory bodies could not account for 2.1 billion cedis between 2010 and 2011 financial year.
The monies were lost through pay roll irregularities, cash irregularities, tax irregularities and other financial malfeasance.
This is contained in the report of the Public Accounts Committee of Parliament released, Thursday.
The report is based on investigations by the Auditor General.
The Auditor General after scrutinising the finances of the public institutions presented its findings to the Public Accounts Committee of Parliament.
The committee during its consideration invited representatives of these Public boards, corporations and statutory institutions cited by the Auditor General for these irregularities.
In all 51 witnesses from these public institutions appeared before the Committee.
However 26 of the institutions were yet to respond adequately to the outstanding queries raised by the Auditor General.
Some of the institutions named in the financial irregularities are Accra Polytechnic, Ghana, Cocoa Board, Electricity Company of Ghana, National Petroleum Authority.
A summary of the financial irregularities show that the outstanding debts/loan recoverables debited to these institutions is ¢118,033,660.00; cash irregularities including misapplication of funds, embezzlement stood at ¢1,999,368,731.00; payroll irregularities stood at ¢2,093,903.00; contract and procurement irregularities stood at ¢3,529,494.00; stores and tax irregularities stood at ¢71,454.00 and 1,792,508.00 respectively.
The total of all the irregularities stood at 2,124,889,750.00.
The Auditor General attributed the causes of the irregularities to systematic weaknesses such as weak internal controls; lack of supervision and failure by the heads of institutions to sanction wrong doers.
The report held that all these financial irregularities could have been avoided if Audit Report Implementation Committee had been established in these institutions.
