The GGC regulates and oversees gambling<\/strong> and gaming activities<\/strong> in Ghana. Funded through licensing fees, permits<\/strong> and levies from operators<\/strong>, the Commission uses these resources to uphold fairness, transparency and responsible gaming across the sector.<\/p>\n\n\n\n The current lock-up of the investment has raised concerns<\/strong> about financial oversight<\/strong> and the Commission\u2019s ability to regulate the gambling sector effectively, according to auditors and parliamentary reports.<\/p>\n\n\n\n During a session before Parliament\u2019s Public Accounts Committee (PAC)<\/strong> on 30 September, GGC Acting Commissioner Emmanuel Quainoo<\/strong> said he discovered the funds had not been redeemed when he assumed office. He told the committee that the Commission had written to SIC\u2011FSL requesting repayment.<\/p>\n\n\n\n Quainoo said, according to GhanaWeb: \u201cWhen I took over office, I realised that we had invested GHC5.165m <\/strong>with SIC Financial Services Limited, and the investment<\/strong> had not been redeemed<\/strong>. I wrote to SIC for the money to be refunded<\/strong>. They replied that their investments had been escrowed at the Ministry of Finance due to the banking sector clean\u2011up.\u201d<\/p>\n\n\n\n Quainoo confirmed that the Commission has now referred the matter to the Attorney\u2011General\u2019s Department<\/strong> for legal guidance. \u201cI have written to the Attorney\u2011General for advice, and the matter is still pending there,\u201d he said.<\/p>\n\n\n\n PAC Chair Abena Osei\u2011Asare<\/strong> raised concerns over SIC\u2011FSL\u2019s explanation. He said: “The problem of SIC did not start with the banking clean\u2011up, so that excuse cannot stand.\u201d <\/p>\n\n\n\n The funds have remained locked <\/strong>since 2019<\/strong>. Auditors have emphasised the urgency of retrieving them, and parliamentary records show concerns about accountability. <\/p>\n\n\n\n While the Commission has described the funds as part of its investments, the retrieval effort is viewed by stakeholders as important for maintaining transparency<\/strong> and financial accountability<\/strong> in its operations.<\/p>\n\n\nPAC questions SIC-FSL<\/h2>\n\n\n\n
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