The Ghana Audit Service has clarified that a letter circulating in the public domain revealing that ¢52.5 billion of tax revenue that has been diverted into unknown accounts is just a portion of the document in an ongoing audit exercise.
The clarification comes after a letter with the caption, ‘Audit Service Reports of ¢52.5 billion transferred from GCB Bank to unknown sources.’ started circulating on social media.
But the Deputy Auditor-General, George Swanzy Winful in a statement noted that the audit which has been requested by the Finance Minister, Ken Ofori-Atta is to confirm the transfer of receipts from various transit accounts mainted by commercial banks into the respective Bank of Ghana Hold Accounts from 2015 to date.
According to him, during the auditing exercise, it was discovered that some funds were missing.
He, however, noted that with the assistance of the participating commercial banks and central bank, some of the monies have been traced.
“Please be informed that our letter in circulation is one of the letters which we issued to participating commercial banks for their responses to infractions noted during our reconciliation of their statements. [And] with the assistance of both the commercial banks and Bank of Ghana, we have be. able to trace with satisfaction, some of the transfers.
“The cooperation from the participating banks is encouraging and we are hoping to complete the reconciliation exercise soon,” he said.
Mr Winful then noted that the Service will not hesitate to surcharge any participating commercial bank who defaults in transferring tax receipts collected from the various transit accounts into the respective BoG Holding Accounts.
“Once again, we wish to assure the public that, as usual, we shall submit the audit report to Parliament when the exercise is completed.”
Meanwhile, the bank at the centre of the issue, GCB Bank Limited has fought off claims suggesting that it transferred ¢52.5 billion of tax revenue to unknown accounts.
In a statement issued by the Bank, it said, "noted with grave concern a publication of a doctored letter dated October 5, 2020, purportedly emanating from the Ghana Audit Service(GAS) in respect of funds transferred.
The bank, therefore, asked the general public to disregard the publication as its content is false and mischievously designed to discredit the bank.
“GCB bank will not engage in any activity that will erode the trust and confidence the public has reposed in us over the years.
“We hereby deny the allegations that the GCB has effected unauthorised transfers. We have further assured all our stakeholders that GCB as a bank of international repute, conducts its activities in line with sound banking principles,” the statement read.
Latest Stories
-
Guinness World Records: Nigerian woman paints nails for three days
16 seconds -
Season 2 of ‘I’m in Love with Boma Ye’ returns this May on Joy Prime
3 mins -
Akufo-Addo’s disrespect of chiefs won’t be tolerated – Haruna Iddrisu
7 mins -
Chalobah and Jackson score as Chelsea defeat Tottenham
11 mins -
NPP praises Police, EC for successful Ejisu by-election
28 mins -
2024 Ramadan Cup: Bawumia donates 20,000 to four teams as Ashaiman lifts trophy
29 mins -
PMI Ghana Chapter members tour Kasoa BSP Project
30 mins -
Child Rights International pledges support for toddler mauled by dog
31 mins -
Cedi’s woes due to diminishing expectations of investors concern about Ghana’s competitiveness – Prof. Peprah
37 mins -
EIU optimistic Ghana’s debt-carrying capacity could easily improve in future
53 mins -
Access Bank Ghana Plc records commendable financial growth in quarter one, 2024
3 hours -
GFA DC charges Bashir Hayford over alleged misconduct in Bechem Utd game
3 hours -
MTN FA Cup: Dreams FC beat Soccer Intellectuals to make semis
4 hours -
Ayorkor Botchwey champions transformative investment, trade agenda
4 hours -
KNUST, University of Rwanda share experiences in implementation of Mastercard Foundation Scholars Program
5 hours