UEW Finance Officer Highlights Key Achievements, Challenges, and Strategic Goals for 2025
The Finance Officer of the University of Education, Winneba (UEW), Dr. Theophilus Senyo Ackorlie, has outlined significant financial achievements and challenges encountered by the university in 2024 while setting strategic goals to enhance financial sustainability in 2025.
Speaking at a retreat, Dr. Ackorlie revealed that UEW processed 16,652 payment vouchers to disburse a total of GH₵144.6 million for goods and services and GH₵256.3 million for salaries and allowances. Despite these substantial disbursements, the university faced challenges in fee collection, a critical source of internally generated funds.
“We achieved only 73% collection of regular student fees, securing GH₵90 million out of the projected GH₵124 million. This marks one of the lowest collection rates we have had. Distance education students' fee payment was even more concerning, standing at just 55.89%, with only GH₵37 million collected out of the budgeted GH₵66.5 million,” Dr. Ackorlie stated.
He emphasised the need for urgent interventions, calling for a collaborative approach between the Treasury Division, faculties, and student financial services to improve fee collection rates.
Dr. Ackorlie disclosed that the UEW received a total of GH₵143 million in subventions from September 2023 to July 2024. However, the university is currently having a five months backlog of subventions, which has resulted in significant financial strain. He emphasised the necessity of improving communication with key stakeholders to ensure they comprehend the challenges that the institution is facing.
The Finance Officer highlighted efforts to maximise revenue through investment and grant funding. In 2024, UEW secured GH₵1.8M, €141,000, and USD28,000 from externally funded projects. Additionally, the Treasury Division generated GH₵5M from interest income, while GH₵2.9M was collected from AAMUSTED for long-outstanding graduation fees.
A major achievement of the year was the successful reduction of a significant tax liability imposed on the university. “A tax audit initially resulted in a GH₵9.2M liability, but through strategic engagement, we managed to reduce it to GH₵1.8M, saving the university GH₵7.5M,” Dr. Ackorlie announced.
Addressing efficiency improvements, he noted that the turnaround time for financial document processing had improved significantly, reducing from 14 working days to just seven within the first two months of 2024. “We must ensure continuous improvement and efficiency in all our operations,” he urged.
Dr. Ackorlie stressed the importance of adhering to financial reporting standards, revealing that UEW aims to complete its 2024 financial statements by September this year. This will allow compliance with legal requirements that mandate the submission of audited accounts to the Auditor General by June 2025.
The Finance Officer further assured stakeholders that stringent measures were being put in place to prevent financial irregularities. “We must ensure that past issues such as unexplained honourarium payments, locked-up investments, and high receivables do not reoccur,” he stated.
To strengthen capacity building, the university will continue organising workshops and conferences to equip financial personnel with up-to-date knowledge. Furthermore, UEW is on track to produce its first IPSAS-compliant financial statement this year, ensuring greater transparency and accountability.
Dr. Ackorlie reiterated the importance of financial stewardship in achieving the university’s mission. Paraphrasing renowned economist Robert Shiller, he stated, “Finance is not merely about making money; it is about achieving our deep goals and protecting the fruits of our labour. At UEW, it is about stewardship and achieving the good of the university.”
The Finance Officer set a strategic path forward for the 2025 financial year. His call for collaborative efforts and rigorous financial stewardship underscores UEW's commitment to financial sustainability and operational excellence amidst ongoing challenges.
