Alleged transfer of GH¢52.5 billion in 2020 - Chartered Accountant petitions Parliament
In December 2020, when the issue of alleged unauthorised transfers totalling GH¢52.5 billion to unidentified sources came up on social media, GCB Bank reacted and denied the allegation with the explanation that no such unauthorised transfers had taken place.
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The bank in a press statement said it had "noted with grave concern the publication of a doctored letter" purportedly emanating from the Ghana Audit Service in respect of the funds transferred.
GCB Bank denied that it had effected unauthorised transfers and assured that, as a Bank of international repute, it conducts its activities in line with sound banking principles and explained that the Bank will not engage in any activity that will erode the trust and confidence of the public.
Click this link for the GCB reaction in 2020: GCB Bank reacts to the said GH¢52.5 billion transfer allegation.
Fresh petition
However, a chartered accountant has resurrected the issue and petitioned Parliament over the said allegation, arguing that the public has not been informed about the outcome of the issue.
A petition dated August 11, 2023, he addressed to the chairman of the Public Accounts Committee of Parliament has been shared on social media.
The petitioner, Mike Kofi Afflu of Koforidua is arguing that the public is still waiting to hear the response on "the mysterious transfer of a huge amount of money from the government's account in 2020."
According to him, the Audit Service started tracing the strange transaction but suddenly stopped midway without an explanation.
James Klutse Avedzi, the Chairman of the Public Accounts Committee and Member of Parliament for Ketu North, when contacted on Thursday August 17, 2023 confirmed to Graphic Online's Parliamentary correspondent, Nana Konadu Agyeman that he has received the petition.
Read also: GCB Bank reacted to the said GH¢52.5 billion transfer allegation.
In reacting to the same issue in 2020, GCB Bank denied the allegation that the bank made unauthorised transfers totalling GH¢52.5 billion to unidentified sources.
The bank in a press statement posted on Facebook said it had "noted with grave concern the publication of a doctored letter" purportedly emanating from the Ghana Audit Service in respect of the funds transferred.
"The said letter, currently circulating mostly on social media with the caption, "Audit Service Reports of GH¢52.5 Billion Transferred from GCB Bank To Unknown Sources," alleges that a total amount of GH¢52.5 billion was transferred from GCB's accounts to unidentified sources. This is false and mischievously designed to discredit the Bank," the statement said.
The bank further stressed that it will not engage in any such activity that will erode the trust the public has reposed in it over the years.
"We hereby deny the allegation that GCB has effected unauthorised transfers. We further assure all our stakeholders that GCB, as a Bank of international repute, conducts its activities in line with sound banking principles. The Bank will not engage in any activity that will erode the trust and confidence the public has reposed in us over the years".
Attached below is a copy of the petition from the chartered accountant
Dear Sir,
PETITION FOR INVESTIGATION INTO THE AMOUNT OF GH¢52.5 BILLION TRANSFER FROM GCB BANK PLC.I am writing this petition as a Citizen of Ghana.
In a letter dated 5th October, 2020 from the Audit Service to the Managing Director of GCB Bank Plc., the Auditor - General, demanded the Bank to explain why an amount of GH¢52.5 billion was transferred from the Bank into an Unknown Account.
Since then, the Auditor-General has not provided any explanation to the Ghanaian Taxpayer to explain:
1. Where the money was transferred to
2. Who authorized that amount to be transferred by the bank?
3. Into what account was the money transferred
4. Details of the recipient account and any related issuesMr. Chairman, the USD /GHS average rate for October 2020 was 5.77522.
The amount of GH¢52.5 million was therefore equivalent to US$9,090,783
Mr. Chairman, if this GH¢52.5 billion (from GRA Account) had been transferred to the Bank of Ghana as mandated by Law, Ghana would not have gone to the International Monetary Fund (IMF) for the bailout of $3 billion.I am therefore requesting the Public Accounts Committee of Parliament of which you are the Chairman, to invite the Auditor-General of Ghana to provide the necessary explanation to your committee and Ghanaians as a whole.
We want to know who withdrew that amount of money from the GCB Bank Plc and for what.
I am confident that your Committee will do a thorough job on this Petition please.
Thank you.