PAC petitioned to investigate ¢52.5bn withdrawn, transferred from GCB Bank to an unknown account in 2020

The Parliament’s Public Accounts Committee (PAC) has been petitioned to investigate an unknown withdrawal of ¢52.5bn to an unknown account in 2020 by former President of the Chartered Institute of Taxation Ghana and a Fellow of the Institute of Chartered Accountants Ghana, Mike Kofi Afflu.

According to Mr. Afflu, parliament ought to call the Auditor General to provide answers to the unknown transaction.

In a statement issued to PAC, “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.”

“We want to know who withdrew that amount of money from the Ghana Commercial Bank (GCB) Plc and for what. I am confident that your Committee will do a thorough job on this petition please,” Mike Kofi Afflu stated.

Meanwhile, a report on Graphic Online indicates that the chairman of the committee, James Klutse Avedzi, confirmed that PAC has received the petition.

Below is Mike Kofi Afflu’s petition in detail

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 issues

Mr. 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.