Loans may be granted subject to availability of funds. Application for loans and advances should be made on prescribed form obtainable from the Directorate of Finance. All advances and loans may be granted only on condition that the total monthly repayments do not exceed one-half of the gross monthly salary of the staff concerned.

There shall be a Loans Committee that will vet loans applications and make recommendations to Management.

Membership of Loans Committee

There shall be a Loans Committee with the following members:

An employee, his/her spouse and children including registered wards, while resident in Ghana, and provided the number of such and registered wards does not exceeds six (6), who are not older than twenty-six (26) years and are pursuing full time formal education, shall receive without charge:

Prior approval shall be sought from the Vice-Chancellor through the Head of Department for official travels outside Ghana.

Subsistence allowance to members of staff who go abroad on official University business shall be paid according to existing per diem rates approved by the University Council.

Guidelines for Conferences outside Ghana

The following issues would be taken into consideration in assessing applications for support to travel for conferences/workshops outside Ghana:

Prior approval shall be sought from Vice-Chancellor, Registrar, Provost, Heads of Department/Section/Units/Centre for official journeys made by members of staff.

Definition of Imprest

An imprest is a sum of cash advanced to an Officer to meet payments which are otherwise inconvenient to disburse through the normal payment procedures.

Classes of Imprest

Imprest is of two classes, namely:

1. Standing Imprest, held throughout the financial year and replenished as and when necessary by the presentation of receipt and petty cash vouchers; and

Lodgement of Monies

All monies belonging to the University shall be promptly deposited in the Bank Accounts. With the exception of approved Petty Cash, all monies collected should be banked intact the following working day. Exceptions to these rules shall be specified in administrative instructions from time to time. Officers concerned shall be held responsible for any loss arising out of their negligence in respect of cash received in the course of their duties.

Authority for Opening Bank Account

1. No Bank Account of any type may be opened in the name of the University or of a teaching or administrative department of the University unless authorised by the Vice-Chancellor on the recommendation of the Director of Finance. Such recommendation shall extend to issues such as the nature of account to be opened and the Bank with which such an account should be opened

2. The mandate of the Bank Account shall be approved by the Vice-Chancellor

1. All payments for services and goods shall be made on officially designed payment vouchers or on such other forms as may be designed by the Director of Finance in consultation with the Director of Internal Audit

2. The representative of Directorate of Finance authorised to certify vouchers for payment shall see to it that, the correct allocations have been made before vouchers are signed.

Documentation

No payment voucher shall be passed for payment unless it is supported by the necessary documents as follows:

Definition of Value Books

The term “value books” applies to any official form, book, or any electronic device used in the University's financial transactions, the improper use of which might occasion loss of the University's funds or trust moneys or loss to members of the University. Value Books include official receipt document, whether in the form of books, tickets or disc, cheque books, requisitions and bill books, or any other form which the Finance Committee or Council shall approve from time to time.

Official Receipts

Official numbered receipts shall be issued for all monies paid to the University or its bona fide agents. It is equally the duty and responsibility of the persons paying money to ensure that they obtain an official receipt.