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BoB is clean – Matambo

patriot by patriot
January 26, 2021
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The  Minister of Finance and Economic Development Kenneth Matambo has cleared misconception that there is government funds worth of P 22 billion missing at Bank of Botswana ( BoB).

Minister Matambo, while responding to question in parliament on Wednesday, told Parliament that the bank’s successive financial statements have generated clean audit reports. He made indications that the clean audit reports by the Auditor General confirm appropriate maintenance of accounts and existence of sound risk management at the bank.

“And in general, this resembles effective governance structures at the Bank of Botswana. I would like to reiterate my Ministry’s position that there are no Government funds missing from the Remittance Bank held at BoB,” he added.

Matambo argues that the source of the story on missing funds seems to have been the Auditor General’s report for the financial year ended 31st March 2017 which he believes was quoted out of context.

The Auditor General, according to Matambo, in her report on the Accounts of Botswana Government for the Financial year ended 31st, expressed concerns about the reconciliation of the govt. bank accounts making up the year end-totals.

“In this regard, the AG reported that the reconciliation statement of the remittance Account included unreconciled payments of P2.27 billion and un-reconciled receipts of P19.66 billion. Which should have been cleared? It should be noted that no funds were reported missing,” Matambo emphasized.

Quizzed over the reconciliation progress, he noted that the Remittance Account’s unreconciled items have been substantially reduced, the amounts now stand at P870 million for payments and P10.75 billion for receipts.

This is against the P2.27 billion and P19.66 billion for payments and receipts respectively that appeared in the Auditor General’s report.

Jwaneng Mabutsane MP Shaun Ntlhaile had asked the Minister to apprise Parliament if it is true that government funds are missing from the remittance account at Bank of Botswana.

Gaborone North MP Haskins Nkaigwa also sought answers if indeed there was no money missing while the government accounts are still not balancing. He further queried the long delay of reconciliation exercise.

Matambo maintained that reconciliation is a process and not an event; saying the Ministry strives for continuous improvement in making the accounts current.

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  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
  • Miss Botswana 2022 is the Face of KGK DiamondsJanuary 19, 2023
    Its been an exciting first week back to her MBW duties and we kick off the year with an official announcement that Our Queen is The face of KGK Diamonds. Lesego Chombo alongside Nigel Amos was the show stopper […]
  • Executives to watch in 2023January 19, 2023
    A year is often too short to demonstrate your worth, yet that’s exactly what the newly appointed Chief Executive Officers (CEOs) have to do to show that they deserve their enviable roles. PATRIOT BUSINESS looks at CEOs who shall […]
  • BLP TEST AP/BCP UNITY TALKSJanuary 19, 2023
    BAKANG TIRO editors@thepatriot.co.bw The new entrant in the cooperation talks between Alliance for Progressives (AP) and Botswana Congress Party (BCP) – Botswana Labour Party (BLP) has thrown spanner in the works by demanding that both AP and BCP yield […]
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