PAC Summons Ex-VALCO Executive Kelvin Yeboah Over Alleged GHC3M Scandal

The Public Accounts Committee (PAC) of Parliament has summoned Kelvin Kwaku Yeboah, the former Executive Director of the VALCO Trust Fund, to account for a GH₵3 million staff loan paid to himself. The directive comes as the committee intensifies its oversight into financial irregularities and governance lapses identified within state-backed institutions and public fund administration.

​Appearing during the latest PAC hearing, representatives and trustees of the VALCO Trust Fund were grilled over the circumstances surrounding the massive disbursement. Committee members expressed strong disapproval of the transaction, raising serious concerns over whether standard administrative protocols, board approvals, and risk management guidelines were bypassed to grant such a substantial sum to a sitting executive director.

​The Committee has demanded a detailed, step-by-step explanation from Mr. Yeboah and the Trust Fund’s management regarding the terms, approval process, and current repayment status of the loan. Lawmakers underscored that staff loans within public entities are intended to support general welfare under strict ceilings, making a single multi-million-cedi payout to a top official deeply problematic and indicative of institutional failure.

​PAC Chairman and committee members cautioned that failure to provide satisfactory documentation and legal justification for the GH₵3 million payout could lead to further punitive actions. The committee reiterated its resolve to refer any instances of misapplication of public funds or conflict of interest to the appropriate investigative and law enforcement agencies for legal prosecution and recovery.

@Volta Today