The Metro Mass Transit Limited (MMT) has plunged its finances in a deep mess, Whatsup News has learnt.
According to sources from within the state transport company, the company is virtually hamstrung and will end the year with a debt burden of more than Ghc90million.
Angry sources have cited managerial incompetence, corruption and propaganda to cover up the mess, as the cause of the financial catastrophe that is happening at the state transporter.
Due to the poor finances of the company, it is unable to pay workers’ salaries and also monthly pension contributions.
Since June 2018, workers’ contributions have remained unpaid, with the outstanding payments amounting to Ghc11million.
The company is also back on monthly tax payments due to the Ghana Revenue Authority (GRA) to the tune of Ghc10million.
Meanwhile, salaries of employees for September and October are outstanding, with over Ghc40million owed suppliers.
The company’s current outstanding debt amounts to over Ghc 88million with the debt expected to hit Ghc90million by the close of the year.
It is in spite of this state of the financial mess that President Akufo-Addo yesterday praised the company’s management as having been outstanding in its performance.
While donating a fleet of buses to both the MMT and the State Transport Company (STC) the President claimed that Nana Akomea, the CEO of the MMT, and his team of managers had done so well that they ought to be praised.
This is in spite of the MMT Management itself announcing that it had only succeeded in raking in about half of the revenue targeted for the year.
The MMT has however said that the reason the target could not be achieved was the Covid-19 pandemic.